FX.co ★ NZX 50 Rebounds, Closes 0.1% Higher.

The NZX 50 rose 8 points, or 0.1%, to close at 13,692 on Thursday, snapping losses from both the previous session and early trade. The advance was led by gains in communication services, consumer staples, and utilities, though weakness in financials, technology, and consumer discretionary stocks kept the overall increase modest.

Upside was further constrained by a weak lead from Wall Street, where equities fell overnight as US Treasury yields moved higher. Investor caution intensified after minutes from the latest FOMC meeting indicated the Federal Reserve is likely to deliver another rate hike this year. Rising oil prices also weighed on sentiment, stoking renewed concerns about inflation and the prospect of additional interest rate increases.

Domestically, last month the Reserve Bank of New Zealand raised the official cash rate by 25 basis points to 2.75%, marking a second consecutive hike as it works to return inflation to the 2% midpoint of its target range.

Notable gainers on the day included Australian Foundation (+1.5%), A2 Milk (+1.4%), F&C Investment (+1.4%), AFT Pharmaceuticals (+1.3%), Contact Energy (+1.3%), South Port NZ (+1.2%), Henderson Far East Income (+1.0%), and Fisher & Paykel (+0.9%).