NZX50 gains as investors prepare for earnings season, RBNZ
New Zealand’s S&P/NZX 50 index joined a broadly stronger day across Asia as investors shake off the last vestiges of last week’s nerves about artificial intelligence coming for the software sector, while the domestic earnings season and a Reserve Bank rate review draw nearer.
Vulcan Steel led the benchmark higher after the steel products maker got upgraded by UBS analysts, with building materials firm Fletcher Building joining it on the green side of the ledger.
Japan’s Nikkei 225 continued its ascent into record territory after prime minister Sanae Takaichi’s bet on a snap election paid dividends in delivering her Liberal Democratic Party a supermajority, freeing up the government’s spending plans.
And local carpetmaker Bremworth tumbled after saying shareholders can expect a smaller return from its insurance proceeds if its bid to sell the business to rival Godfrey Hirst’s parent gets over the line after tougher trading conditions ate into its cash reserves.
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