AU Evening Wrap: Australian Shares Close Steady as Financials and Real Estate Stocks Rise

The materials sector remained unchanged, continuing to stabilize following a series of losses earlier in the month.

New Zealand's economy has shown signs of recovery, with a slight expansion in the first quarter that allowed it to exit the recession. According to Statistics New Zealand, the country's gross domestic product (GDP) grew by 0.2% from the previous quarter, reversing the 0.1% decline. This exceeded the expectations of economists who had predicted only 0.1% growth. Additionally, the GDP increased by 0.3% from the same quarter of the previous year, surpassing the estimated 0.2%.

Shares of Guzman y Gomez, a Mexican-themed restaurant, debuted on the ASX at $30, which is $8 higher than its listing price. This surge in price was due to the large influx of investors who were excited about the biggest local float in the past three years.

Interestingly, the successful debut of Guzman y Gomez could lead to the reopening of an IPO market that has been stagnant since the end of the COVID-19 pandemic. This float is the largest since APM Human Services hit the ASX in December 2021, with a market value of $3.3 billion.