28.08.202523:08:31UTC+00New Zealand Equities Head for 4th Straight Monthly Advance

New Zealand stocks rose by 35 points, or 0.3%, to 12,938 in early trading on the last day of August, continuing the upward momentum from the previous session. This positive movement followed the S&P 500 on Wall Street reaching a record high on Thursday. Investor confidence was bolstered by a generally favorable U.S. earnings season and revised data indicating the American economy experienced faster-than-anticipated growth. Additionally, local data showed an improvement in business sentiment, reaching a five-month high in August. This was attributed to steady inflation expectations and increased export intentions, marking the third consecutive month of rising confidence. Gains were particularly notable in the consumer durables, healthcare, and logistics sectors, with significant performances from companies such as Delegat Group (up 6.3%), Summerset Group (up 2.4%), and Ryman Healthcare (up 2.1%). Over the month, the NZX is on track for its fourth consecutive monthly increase, rising roughly 0.9%, as optimism prevails that the Reserve Bank of New Zealand (RBNZ) may continue monetary easing amid sluggish economic activity and political pressure. However, further gains were restrained due to caution ahead of China's PMI release, and local data indicating consumer sentiment fell to a 10-month low in August.