The New Zealand share market opened higher on Tuesday, following a positive lead from Wall Street that resulted in the major U.S. averages closing with solid gains on the back of bullish sentiment over the earnings season.
The benchmark NZX 50 index gained 4.38 points or 0.15% to 2,966.99 shortly after the market opened on Tuesday morning. Meanwhile, the broader NZX All Capital index collected 1.74 points or 0.06% to be at 2,995.14.
Higher opens are expected Tuesday for the New Zealand share markets. The New Zealand share market closed lower for a third straight session on Monday.The benchmark NZX-50 index closed at 2,964.6, a decline of 21.2 points or 0.7 percent. And the New Zealand Stock Exchange reported trading volume of 24.2 million shares valued at NZ$43.1 million.
Overseas US Stocks ended Monday's session notably higher, as traders bought into the markets amid continued upbeat expectations of a solid earnings season. Early session movement was choppy following some mixed earnings news and a slide in homebuilder confidence, but stocks turned higher in anticipation of quarterly results from IBM Corp. (IBM) and Texas Instruments (TXN).
In earnings news, Halliburton Co. (HAL) reported second-quarter net income and revenues that topped estimates, while Delta Air Lines Inc. (DAL) beat profit expectations but fell short on the revenue front. Also, early in the session, the markets looked to data from the National Association of Home Builders, which said that the NAHB/Wells Fargo Housing Market Index fell to 14 in July from a downwardly revised 16 in June. Economists had expected the index to edge down to 16 from the 17 originally reported for the previous month.
With the bigger than expected drop, the housing market index fell to its lowest level since a matching reading in April 2009. Nonetheless, the index remains well above the record low of 8 set in January 2009.
In other news, the amount spent by battered oil giant BP PLC (BP) connected to the spill in the Gulf of Mexico has almost reached the $4 billion mark. Providing an update on developments in its response to the worst oil slick in U.S. history, the company said the 91-day-old oil spill has so far cost it a whopping $3.95 billion. That includes containment costs, relief well drilling, grants to the Gulf states, claims paid, and federal costs.
The major averages all saw some choppy movement in late-session dealing but still closed firmly in positive territory. The Dow gained 56.53 points or 0.6 percent to end at 10,154.43, the Nasdaq jumped by 19.18 points or 0.9 percent to 2,198.23 and the S&P 500 rose by 6.37 points or 0.6 percent to 1,071.25. The price of crude oil crept higher in choppy trade Monday, as traders weighed data showing a bigger-than-expected decline in US homebuilder confidence against continued weakness in the dollar.August crude oil settled up $0.53 at $76.54 a barrel on the New York Mercantile Exchange, posting its first gain in four days.
Oil prices have traded sideways during the past couple of months, following a sharp fall from the yearly high around $87 in early May on renewed doubts about the sustainability of global economic recovery.
Meanwhile, the International Energy Agency said China has become the world's biggest energy user, surpassing the US last year. China consumed 2.25 billion tons of oil equivalent last year, about 4% more than the US. .On the currency front the kiwi was buying US70.68c by 8am today, having ranged between US71.10c and US70.30c on Monday evening, its lowest level in nearly a fortnight.
In the early trading on the New Zealand stock market on Tuesday, market leader Telecom, second ranked Contact Energy and Fletcher Building, the third best stock, remained unchanged.
In the retail sector, Hallenstein Glasson, jewelry retailer Michael Hill International, Pumpkin Patch and Warehouse remained unchanged. Among energy stocks, TrustPower was up 0.42% as Vector remained unchanged in the early trading.
Among the dual listed issues Australia and NZ Banking Corp, Telstra and Westpac Bank remained unchanged in the early trading on Tuesday morning.
Among other notable stocks, Infratil and Steel & Tube Holdings remained unchanged, while Mainfreight gained 0.81%, Nuplex collected 0.68%, New Zealand Oil & Gas added 0.83%, Sky City gained 0.68% and Sky Network Television picked up 0.63%. Meanwhile, Fisher & Paykel Appliances remained unchanged whereas Fisher & Paykel Healthcare advanced 0.67%.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.