05.11.202505:44:06UTC+00New Zealand Stocks End at Fresh Records

New Zealand's key S&P/NZX 50 index edged up by 0.1% to settle at 13,621 on Wednesday, marking a new all-time high. This uptick came as a weak employment report heightened expectations for a rate cut later this month. The nation experienced an increase in its unemployment rate to a nearly nine-year peak of 5.3% during the third quarter, up from 5.2% in the previous quarter, alongside stagnant employment growth. In response to this data, markets are now fully anticipating a 25 basis points reduction at the Reserve Bank’s forthcoming policy meeting, with a 50% likelihood of another cut next year. Leading contributors to the index included Fisher & Paykel and Infratil, which rose 2% and 0.8% respectively. Other key performers were Fletcher Building (+1.2%), Precinct Properties (+0.4%), Air New Zealand (+1.7%), SkyCity Entertainment (+0.7%), Santana Minerals (+2.9%), and Oceania Healthcare (+1.2%).