New Zealand stocks climbed 129 points, or 1%, to 12,830 in Wednesday morning trade, breaking a four-session losing streak as bargain hunters stepped in after the market closed at a near eight-month low the previous day. Sentiment was further lifted by a rise in U.S. equity futures, following reports that the United States, via Pakistan as an intermediary, had submitted a 15-point proposal to Iran aimed at ending the conflict in the Middle East, now in its fourth week.
Gains were partially restrained, however, after Reserve Bank governor Anna Breman warned that interest rates could be raised if oil-driven inflation persists amid ongoing geopolitical risks.
Healthcare, transport, and consumer non-durables led the advance, with notable movers including Fisher & Paykel Healthcare (up 3.5%), Auckland International Airport (up 1.1%), Summerset Group (up 1.0%), and Genesis Energy (up 0.9%).
Investors now look ahead to New Zealand’s March business and consumer confidence data, due for release later this week.
