New Zealand’s benchmark S&P/NZX 50 index closed flat at 13,408 on Monday, extending a subdued session from the previous week, as shares of industrial and technology services weighed on the index. Ventia Services dropped 2.4%, while Gentrack Group lost 3.9%. Energy minerals also faced downward pressure, with Channel Infrastructure declining 2.5%. These declines were offset by notable gains for ikeGPS Group, which surged 4.8%, and KMD Brands, up 1.9%. On the economic front, the Reserve Bank signaled it will likely keep the official cash rate unchanged for now. Governor Anna Breman noted that while a slight chance of a near-term rate cut remains, tighter-than-expected financial conditions have tempered expectations for a rate hike next year. Traders now look forward to a slew of data this week, including the Q3 GDP report.
