29.10.202522:57:18UTC+00New Zealand Stocks Muted in Early Deals

On Thursday morning, the NZX 50 showed little movement, hovering around the 13,404 mark, after posting gains in the previous session. This stability resulted from strong performances in the materials, industrials, and communication services sectors, which balanced out declines in the energy, consumer staples, and technology sectors. Investors considered the Federal Reserve's recent decision to lower interest rates by 25 basis points, coupled with their indication of pausing further cuts for the remainder of the year. Market participants also approached the day with caution, anticipating the release of New Zealand's business confidence data for October and China's Purchasing Managers' Index (PMI) figures scheduled for Friday, both of which are significant for gauging China's economic climate. China remains New Zealand's primary trading partner. Adding a note of optimism, the scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping later today fueled hopes for a potential trade agreement between the two nations. In terms of individual stock movements, AFT Pharmaceuticals saw a 1.6% decline, with ANZ Group and A2 Milk falling by 1.3% and 0.9%, respectively. Conversely, Fonterra rose by 2.3%, Freightways Group increased by 1.6%, and Mainfreight grew by 1.3%.