The NZX 50 rose 79 points, or 0.6%, on Thursday to finish at a new record high of 14,259, marking its third consecutive record close. The benchmark tracked overnight gains on Wall Street, where renewed enthusiasm for AI-related stocks followed strong earnings from CoreWeave.
Sentiment remained upbeat as robust corporate results from major constituents helped sustain the rally. Nearly all sectors finished higher, with notable strength in consumer discretionary, energy, and communication services. Easing oil prices further supported the market by tempering inflation concerns and reducing expectations of additional interest rate hikes.
On the macroeconomic front, annual growth in New Zealand’s visitor arrivals accelerated in September, adding to the positive backdrop.
Among individual movers, Mainfreight jumped 5.9% after reporting a strong performance for the first half of its fiscal year. Other significant gainers included Vulcan Steel (up 3.6%), Mercury NZ (2.4%), EBOS Group (1.9%), Chorus (1.8%), F&C Investment (1.8%), Westpac Banking Corp. (1.6%), ANZ Group (1.6%), and A2 Milk (1.2%).
