Latest news with #NZX50
Mint
3 days ago
- Business
- Mint
Aussie shares end with modest weekly gains as tariff jitters spark defensive plays
AXJO logs third weekly gain IT stocks rise for 8th straight week Energy stocks rose 8% in May May 30 (Reuters) - Australian shares edged up on Friday, as worried investors flocked to defensive stocks after a U.S. appeals court kept President Donald Trump's tariffs in effect. The S&P/ASX 200 index rose 0.3% to end at 8434.7, gaining 0.6% for the week. The benchmark ended slightly higher on Thursday. The benchmark rose 3.5% in its second consecutive monthly gain, as it navigated through a tumultuous period of corporate earnings, U.S.-China trade tensions, and the Reserve Bank of Australia lowering rates to a two-year low. The late Thursday ruling by a federal appeals court temporarily reinstating the broadest of Trump's tariffs after a trade court halted them a day earlier, and injected fresh uncertainty into the market. "Australian stocks seesawed as messy tariff crossfire clashed with mounting end-of-month caution fermenting ahead of another uncertain month," said Hebe Chen, a market analyst at Vantage Markets. Investors took refuge in defensive sectors such as banks and healthcare, which rose "as risk appetite slipped into the back seat," added Hebe. Financials logged their third consecutive week of gains with a 0.7% rise. The "Big Four" banks rose between 0.4% and 2.7%. The sub-index gained 4% in May, its second successive month of gains. Health stocks rose 0.2%, finishing the week 0.7% higher, its third straight weekly gain. However, gains in banks and health stocks were tempered by losses in energy and IT stocks. Energy stocks fell 1.4% on lower oil prices but posted a 8% monthly rise - its highest in nearly two years. IT stocks shed 0.6% for the day as investors booked profits, with tech giant WiseTech losing 1%. The sector gained 3.9% for the week, an eighth straight weekly gain. Miners rebounded late in trading, adding 0.4% despite a dip in iron ore prices. Meanwhile, New Zealand's benchmark S&P/NZX 50 index ended 1.1% higher at 12418.89. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
Business Recorder
16-05-2025
- Business
- Business Recorder
Australia shares hit over two-month high, RBA rate decision in focus
Australian shares jumped to an over two-month high on Friday, led by gains in banks and miners, ahead of the Reserve Bank of Australia's (RBA) policy decision next week, where the central bank is widely expected to cut interest rates. The S&P/ASX 200 index rose as much as 1.2% to 8,398.2, its highest level since February 20, by 0029 GMT. The index was on track to log its eighth consecutive session of gains. The benchmark is up 1.8% for the week, its best weekly performance since April 28. The RBA is expected to cut interest rates by 25 basis points on Tuesday, its second in over four years, and deliver two more cuts this year, a Reuters poll showed. Meanwhile, iron ore prices have been on a winning streak this week, thanks to a trade truce between China and the US that lifted hopes of stronger demand. On the local bourse, miners climbed 1.7%, since China is Australia's largest trading partner. The sub-index is on track to record its sixth straight weekly gain. Miners BHP Group, Rio Tinto and Fortescue added 0.8%, 0.9% and 0.9%, respectively. Gold stocks advanced by 3.7%. However, the sub-index lost 10.4% this week. Gold miners Northern Star Resources and Genesis Minerals were up 3.6% and 4.9%, respectively. Australia shares close higher as banks, consumer stocks rise Evolution Mining rose 4.9% and was among the top gainers on the benchmark index. Financials rose 1%, with National Australia Bank, Westpac, ANZ and Commonwealth Bank of Australia rising between 1% and 1.9%. New Zealand's benchmark S&P/NZX 50 index fell 0.4% to 12,834.33. Globally, Japan's Nikkei was down 0.1% on Friday, while overnight the US S&P 500 ended 0.41% higher and the Nasdaq closed down 0.18%.
Business Recorder
15-05-2025
- Business
- Business Recorder
Australia shares close higher as banks, consumer stocks rise
Australian shares ended higher on Thursday, bolstered by gains in financials and consumer stocks on hopes of a central bank interest rate cut next week. The S&P/ASX 200 index rose 0.2% to 8,297.50 at the close of trade, rising for the seventh straight session. Data released during the session showed continued resilience in the labour market, bolstering expectations that the Reserve Bank of Australia will move to ease rates in its upcoming meeting. While markets expect the RBA to cut rates by 25 basis points on May 20, investors have been scaling back expectations on rate cuts and now see around 74 basis points of easing by year-end compared with more than 100 basis points a couple of weeks ago. The banking sector rose 1.1%, hovering near a level last hit on May 2. Tony Sycamore, market analyst at IG Australia, sees limited upside for banks in the near term as the sector continues to battle questions around margin compression. Local agribusiness Graincorp ended 8.8% higher after its interim earnings beat market estimates and the company upgraded its outlook and extended a share buyback. It was the top gainer on the benchmark index. Shares of Insurance Australia Group rose 5.7% after it announced an $869 million deal to acquire RAC's insurance business in Western Australia. Consumer discretionary names including Aristocrat Leisure and Adairs logged advances of 1.9% and 0.8%, respectively. Tech stocks extended their winning streak to a sixth session, led by Xero, which jumped 5% on strong earnings. WiseTech, DroneShield, and Appen all ended higher. The gains were capped by a pullback in mining stocks as iron ore prices retreated. Energy stocks also declined, with Woodside and Santos down 1.7% and 0.5%, respectively, on speculation around renewed nuclear talks between the U.S. and Iran. New Zealand's benchmark S&P/NZX 50 index rose 0.8% to end at 12,880.82.
Business Recorder
05-05-2025
- Business
- Business Recorder
Aussie shares fall after 7-session rally as banks tumble; Westpac misses profit estimates
Australian shares fell on Monday, after a seven-session rally, dragged down by a sell-off in banking stocks, with the country's oldest lender Westpac leading the decline after missing first-half profit expectations. The S&P/ASX 200 index fell 0.2% to 8,218.80 points by 0041 GMT. The benchmark had gained 1.1% on Friday. Heavyweight financials weighed the most on the benchmark, sliding as much as 1.5%. The sub-index is set for its weakest session since April 11. Westpac fell more than 2% after the country's no. 2 mortgage lender's first-half profit missed market estimates as the loan spreads narrowed and the bank cautioned that evolving global trade policies were making it harder to secure financing. The rest of the 'Big Four' banks fell between 0.2% and 2.2%. Domestic investors looked forward to the major banks' earnings reports this week to understand how US President Donald Trump's tariffs have impacted the local financial sector. The National Australia Bank and ANZ Group will announce their half-year results on May 7 and May 8, respectively. The Commonwealth Bank of Australia, the country's largest lender, will report its third-quarter trading update on May 14. Energy stocks added to the benchmark's decline, dropping 1.9%, dragged down by a slump in oil prices. Woodside Energy slipped 3%, while its smaller rival Santos traded 2.1% lower. Australia shares hit near two-month high on boost from banks Miners' 0.5% decline further weighed on the blue-chip index, with the BHP Group trading 0.6% lower and Rio Tinto down 0.4%. Meanwhile, Anthony Albanese secured a historic second term as Australia's prime minister on Saturday in a dramatic comeback powered by voters' concerns about Trump's influence. New Zealand's benchmark S&P/NZX 50 index gained 0.3% to 12,365.41 points.
NZ Herald
02-05-2025
- Business
- NZ Herald
NZ stocks end firm on China trade optimism
Optimism that there may soon be a solution to the US-China trade impasse helped drive the New Zealand sharemarket higher, along with others around the region. The benchmark S&P/NZX 50 index ended at 12,327.89, up 179.29 points or 1.48%, and built on Thursday's 2% gain. There were
