F&P Healthcare buoys NZX50 ahead of Mag7 earnings, Fed decision

New Zealand’s S&P/NZX 50 index edged higher as Fisher & Paykel Healthcare did the heavy lifting in a subdued trading session ahead of earnings by four of the Magnificent 7 megacap stocks overnight and the Federal Reserve’s last rate decision under the chairmanship of Jerome Powell.

The local bourse was weaker through much of the day as KMD Brands was dragged near its recent offering price and travel and tourism companies Serko and Tourism Holdings followed the soft cue from Booking Holdings’ warning that the Middle East conflict threatens demand in some regions.

Meanwhile, the kiwi dollar hit a fresh 13-year low against its trans-Tasman counterpart as Australian inflation figures reaffirmed expectations the Reserve Bank of Australia will hike its target cash rate next week.

And Reserve Bank governor Anna Breman reiterated New Zealand’s core inflation stayed in the target band through the March quarter during a panel discussion, saying the monetary policy committee is still ready to act quickly if short-term inflation feeds into more persistent price rises.