NZX 50 Rebounds from Near 4-Week Low on Bargain Hunting

New Zealand's stock market rebounded on Tuesday morning, gaining 56 points to reach 13,779. This move erased losses from the previous session and brought the NZX 50 index back from its lowest level since July 21.

The gains were largely driven by the real estate and consumer staples sectors, which rose 1.0% and 0.6%, respectively. These sectors had plummeted in the previous session, but traders engaged in bargain hunting on Tuesday, snapping up shares at discounted prices.

The positive sentiment was also fueled by Monday's data, which showed that food inflation eased to a 19-month low, while credit card spending rebounded. However, the gains were limited ahead of the release of the FOMC meeting minutes later this week, as Middle East tensions weighed on investor sentiment.

Among the early losers were Gentrack Group (-1.5%), ANZ Group (-0.9%), A2 Milk (-0.5%), and Mainfreight (-0.4%). In contrast, Mercury NZ rose 1.6% after Mercury Energy posted a jump in operating earnings for the 12 months ended June.