New Zealand’s benchmark S&P/NZX 50 index inched up 0.1% to close at 13,621 on Wednesday, notching a new record finish as weak jobs report reinforced expectations of a rate cut later this month.
The country’s jobless rate rose to a nearly nine-year high of 5.3% in the third quarter from 5.2% in the second quarter, while employment growth stalled.
Following the data, markets moved to fully price in a 25bps rate cut at the Reserve Bank’s upcoming policy meeting, while also assigning even odds to another reduction next year.
Heavyweights Fisher & Paykel and Infratil gained 2% and 0.8%, respectively.
Other notable performers included 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%).