New Zealand shares ended higher on Monday while most Asian markets saw gains amid reports of better global oil supply than previously thought.
The S&P/NZX 50 rose 0.6%, or 82.06 points, to close at 13,821.20.
Saudi Arabia's oil exports have rebounded to slightly above 4 million barrels per day so far in September, up from 2.4 million barrels per day in August, the OPEC leader's weakest level since at least 2013, according to a Monday Reuters report, citing data from analytics firm Kpler.
In domestic news, credit card spending in New Zealand rose by 0.2% month-over-month to NZ$4.46 billion in August, while credit card balances increased 0.3% to NZ$5.94 billion, data from the Reserve Bank of New Zealand showed.
Also, New Zealand's Labour Party plans to force "immediate action" to increase competition in the country's grocery market, including required changes affecting Woolworths Group (ASX:WOW) and Foodstuffs.
Further, the Reserve Bank of New Zealand is expected to raise the official cash rate by 25 basis points in October, followed by two further hikes pencilled in for February and March, taking the OCR to a peak of 3.5%, the upper end of the central bank's range of estimates for the neutral rate, according to a note by ANZ.
In corporate news, Fonterra Co-operative Group (NZE:FCG) revised its forecast farmgate milk price midpoint for the 2026/27 season to NZ$9.50 per kilogram of milk solids from NZ$9.25 per kilogram, reflecting recent improvements in global dairy commodity prices while retaining a prudent approach to the season ahead.
Tower (NZE:TWR, ASX:TWR) completed the renewal of its reinsurance program for the financial year ending Sept. 30, 2027.