S&P/NZX 50 Index

New Zealand Shares Rise; Genesis Energy Secures Additional Gas Supply Through 2029

New Zealand shares closed up on Wednesday after the New Zealand central bank hiked its cash rate.The S&P/NZX 50 Index rose 1.04% or 143.67 points to close at 13,930.57.On Tuesday, the Nasdaq Composite fell 1%, the Dow Jones declined 0.8%, and the S&P 500 fell 0.7%.The US conducted fresh attacks on Iran, pushing Brent crude oil futures up to trade around $95 per barrel.In domestic news, the Reserve Bank of New Zealand (RBNZ) said its monetary policy committee decided by consensus to raise the official cash rate by 25 basis points to 2.75% on Wednesday.Also, New Zealand's seasonally adjusted new dwellings consents fell 4.3% to 3,339 in July from 3,487 in the previous month, according to Stats NZ data.In corporate news, Genesis Energy (ASX:GNE, NZE:GNE) secured 11.4 petajoules of additional third-party gas supply for March 2027 to December 2029, plus up to 8.6 petajoules of Kupe gas for January 2027 to December 2028, subject to documentation and ministerial approval.Mercury (ASX:MCY, NZE:MCY) said Kevin Taylor, its chief operating officer, generation, advised the board of his intention to retire from the role and will leave the company at the end of the year.

New Zealand Central Bank Will Want More Evidence of Economic Revival Before Committing to Further Rate Hikes, Westpac Says

The Reserve Bank of New Zealand's (RBNZ) decision to raise borrowing costs was in line with expectations, but policymakers will want to see more evidence of the economic recovery's durability before committing to more hikes, Westpac said in a Wednesday note."We see this as an appropriately balanced statement," Westpac said after the central bank raised its official cash rate by 25 basis points to 2.75%.Most of the central bank's board sees upside risks to inflation, which should keep the option for another hike "firmly on the table for the foreseeable future," Westpac said. It added that the monetary policy committee is still cautious about the strength and breadth of the economy.Westpac continues to forecast a rate hold in October, followed by a hike at the central bank's last meeting of the year in December.

RBNZ Press Conference: Indirect Impacts of Oil Shock to Take Few More Quarters to Fall Out of Inflation Data

RBNZ Press Conference: Further Rate Hikes Likely, But Timing Uncertain

RBNZ Press Conference: Central Bank Not on a Pre-Set Course for OCR, Future Decisions Will Depend on Incoming Data

RBNZ Press Conference: Unemployment Rate Projected to Decline as Economic Recovery Takes Hold

RBNZ Press Conference: Most Measures of Core Inflation Are Within Target Band, Albeit Above 2%

RBNZ Press Conference: Gradual Removal of Monetary Stimulus Remains Appropriate to Bring Inflation Down

New Zealand Central Bank Hikes Cash Rate by 25 Basis Points to 2.75%

The Reserve Bank of New Zealand (RBNZ) said its monetary policy committee decided by consensus to hike the official cash rate by 25 basis points to to 2.75% on Wednesday, according to a same-day statement.Inflation increased to 4.1% in the June quarter on the back of higher fuel prices due to the conflict in the Middle East and inflation is expected to remain above 3% for the remainder of the year, the central bank said, adding that tt is expected to return to the 1% to 3% target band by mid-2027. The committee decided to gradually removing monetary stimulus to return inflation to the 2% target mid-point while supporting growth and employment.New Zealand's economic recovery has "most likely resumed" but it remains uneven, and the recovery is expected to strengthen and broaden, the bank said.Resilient demand from trading partners and strong export prices support export-focused sectors and regional New Zealand, but weak income growth, job insecurity, and flat house prices are continuing to weigh on household spending and residential investment, the central bank added.

NZX Midday Sector Update: Industrial Services Stocks Advance, Consumer Services Sector Struggles

Industrial services stocks advanced 2% at midday Wednesday.Ventia Services Group (NZE:VNT, ASX:VNT) gained 2% in recent trade.On the flip side, the consumer services sector struggled, shedding 2%.Skycity Entertainment Group (NZE:SKC, ASX:SKC) shares were down 3% in recent trade.

New Zealand's Seasonally Adjusted New Dwelling Consents Falls in July

New Zealand's seasonally adjusted new dwellings consents fell 4.3% to 3,339 in July from 3,487 in the previous month, according to Stats NZ data on Wednesday.In actual terms, 3,579 new dwellings were consented, including 1,769 stand-alone houses, 1,567 townhouses, flats, and units, 196 apartments, and 47 retirement village units.New dwellings consented in the reported month rose over 10% in actual terms compared with 3,252 in July 2025.In the 12 months ended July, the actual number of new dwellings consented was up 21% to 40,908 compared with the prior corresponding period."Annual home consent numbers have continued to strengthen in recent months, with increases in both stand-alone houses and multi-unit homes," economic indicators spokesperson Michelle Feyen said.New homes consented rose across 14 of the 16 regions in the year ended July, led by Auckland, Canterbury and Waikato.

Quantity Sold at GDT Auction Nearly Reaches 44,000 Metric Tonnes

A total of 43,976 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held on Tuesday, with supply ranging from 39,005 to 46,146 MT, according to data from the trading platform.The average selling price for whole milk powder was $3,585 per MT, anhydrous milk fat averaged $5,917 per MT, and mozzarella and butter averaged at $4,244 per MT and $5,028 per MT, respectively.Additionally, cheddar prices averaged $3,503 per MT, lactose averaged $1,910 per MT, and skim milk powder and butter milk powder averaged at $3,695 per MT and $4,136 per MT, respectively.

New Zealand Shares Fall; SkyCity Entertainment Confirms Settlement of Sale of New Zealand Commercial Properties

New Zealand shares fell on Tuesday while most Asian markets saw losses after Monday's lower Wall Street close.The S&P/NZX 50 Index fell 0.94% or 130.40 points to close at 13,786.90.On Friday, the Nasdaq Composite fell 0.1%, the S&P 500 lost 0.3%, and the Dow Jones declined 0.7%.In domestic news, business credit demand in New Zealand is down 0.8% year over year, and defaults are down 12%, but company closures and liquidations remain elevated, Centrix said in a report.Also, a rebound in diesel prices is putting pressure on construction costs in New Zealand in August, QV said in a report.In corporate news, SkyCity Entertainment Group (ASX:SKC, NZE:SKC) confirmed the settlement of the sale of certain Auckland, New Zealand properties to Mainland Capital in a joint venture with Russell Property Group for NZ$74.5 million.ANZ Group Holdings (ASX:ANZ, NZE:ANZ) is said to have held potential talks about an acquisition of Judo Capital Holdings (ASX:JDO), The Australian reported late Monday, citing various unnamed sources.

New Zealand Business Credit Demand in August Falls, Centrix Says

Business credit demand in New Zealand is down 0.8% year over year, and defaults are down 12%, but company closures and liquidations remain elevated, Centrix said in a report on Tuesday.A softer housing market, rising unemployment, and higher borrowing costs carry the potential to place additional pressure on some households in the months ahead, the report added.Meanwhile, consumer arrears increased to nearly 11%, with 424,000 people behind on repayments, but remain over 13% lower than a year ago, Centrix said. The number of consumers 90 or more days past due fell to 82,000.Consumer credit demand declined 7.3% year on year, while new mortgage lending fell almost 12% during the July quarter, per the report. Mortgage arrears also increased slightly to 1.2%, with around 19,900 home loans past due, although this was 12% below prior-year figures.Overall new household lending declined roughly 11% year on year during the July quarter, driven by weaker residential mortgage activity. Approved new mortgage lending was down 12% compared with the same period last year.

NZX Midday Sector Update: Energy Minerals Stocks Jump, Industrial Services Sector Struggles

Energy minerals stocks advanced past 1% at midday Tuesday.Channel Infrastructure NZ (NZE:CHI) gained almost 1% in recent trade.On the flip side, the industrial services sector struggled, shedding over 2%.Shares of Ventia Services (NZE:VNT, ASX:VNT) were flat in recent trade.

Diesel Price Rebound Piles Pressure on New Zealand Construction Costs, QV Says

A rebound in diesel prices is putting pressure on construction costs in New Zealand in August, QV said in a report on Tuesday.The average building cost per square meter for residential buildings rose by 1.1% in this quarter, raising annual residential building cost growth to 3.3%. The average building cost per square meter for non-residential buildings, excluding educational buildings, increased by 0.5% in the quarter and by 2% annually.Higher diesel costs are feeding into trades such as excavation and demolition. Excavation costs increased by 4.3% in August, and demolition costs also rose by 3.7%. On average, trade rates increased by 0.5% from July to August."Fuel remains one of the most volatile inputs in construction," QV CostBuilder quantity surveyor Martin Bisset said, adding that diesel bounced back in August, and construction costs have moved higher as a result.The broader picture is still one of modest growth, Bisset added. "Construction cost inflation is not running away, but neither has it disappeared."

New Zealand Shares Rise; Michael Hill International Chair to Retire

New Zealand shares rose on Monday while most Asian markets saw losses amid an intensified US-Iran conflict.The S&P/NZX 50 Index rose 1.08% or 149.12 points to close at 13,917.30.American forces carried out strikes on Larak Island on Sunday, as the first known strikes on Iran since late July, targeting two Iranian missile launchers, according to a Sunday Reuters report, citing a US official.On Friday, the Nasdaq Composite fell 0.5%, the S&P 500 lost 0.3%, and the Dow Jones was flat with a negative bias.In domestic news, New Zealand business confidence fell 2 points in August to 54 from 56 last month, while expected own activity eased 1 point to 48 from 49 a month ago, according to a report by ANZ.Also, New Zealand's lending from registered banks and non-bank lending institutions increased in July, driven by growth in housing and agricultural lending, while personal consumer and business lending edged lower compared with the previous month, according to data from the Reserve Bank of New ZealandFurther, the Reserve Bank of New Zealand (RBNZ) is expected to hike the cash rate by 25 basis points to 2.75% at its September meeting, reaffirming its tightening bias, Bank of New Zealand (BNZ) said.In corporate news, Michael Hill International (ASX:MHJ, NZE:MHJ) said Chair Rob Fyfe has advised the board of his intention to retire from the role, effective Nov. 28.The a2 Milk Co. (ASX:A2M, NZE:ATM) said members of its executive leadership team sold the equivalent of up to 50% of the shares they received following the vesting of fiscal 2024 performance rights issued under the company's long-term incentive plan.

RBNZ Expected to Hike Cash Rate by 25 Basis Points in September, BNZ Says

The Reserve Bank of New Zealand (RBNZ) is expected to hike the cash rate by 25 basis points to 2.75% at its September meeting, reaffirming its tightening bias, Bank of New Zealand (BNZ) said in a Monday note.The peak in the cash rate is expected to be around 3.3% in the September quarter 2027. Market pricing implies split expectations of a 25-basis-point hike in either October or December but not both months. The bank expects rate hikes at both meetings.If the central bank were to potentially pause in either October or December to assess the impact of monetary policy, it would be likelier in December, by which time the cash rate would be sitting at the RBNZ's view of long-term neutral.It is forecasting a 0.2% decline in production gross domestic product for the June quarter but a small increase in the expenditure-based measure.

New Zealand Lending Grows in July as Housing, Agricultural Loans Rise

New Zealand's lending from registered banks and non-bank lending institutions increased in July, driven by growth in housing and agricultural lending, while personal consumer and business lending edged lower compared with the previous month, according to data from the Reserve Bank of New Zealand released on Monday.Total housing loans from registered banks and non-bank lending institutions in New Zealand grew to NZ$401.94 billion in July from NZ$400.51 billion in June. Total personal consumer lending fell to NZ$14.43 billion in July from NZ$14.49 billion in the previous month.Total business lending decreased to NZ$142.86 billion in the period, from NZ$143.14 billion. Meanwhile, agricultural lending rose to NZ$65.24 billion in July, from NZ$64.5 billion in the previous month.