The S&P/NZX 50 index rose 0.4% to close at 13,355 on Monday, erasing earlier losses, driven by gains in financial and utility stocks. Westpac Banking led the advance with a 1.7% rise, followed by ANZ Group (+1.5%) and Precinct Properties (+1.6%). Among utilities, Contact Energy climbed 1.1% to its highest level since October 2 after Infratil announced plans to acquire an additional 4.92% stake in the company. On the data front, New Zealand’s Q3 annual inflation rose to 3%, reaching the top of the RBNZ’s 1–3% target band but remaining in line with expectations. Analysts noted that the central bank had long anticipated a possible overshoot, making the outcome a relief. The figures also showed that underlying inflation remained contained, reinforcing expectations of a 25 bps rate cut in November, with a small chance of a larger move. Elsewhere, sentiment was supported by easing US–China trade tensions, though gains were capped by weak data from key trading partner China.

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