The NZX 50 climbed 227 points, or 1.8%, to close at 12,929 on Wednesday, snapping a four-session losing streak as bargain hunters stepped in after the index touched an eight-month low the previous day. Risk appetite improved in line with a rally in U.S. stock futures and renewed hopes for progress in resolving the Middle East conflict, after President Trump said Iran wants to “make a deal” and confirmed that Washington had sent Tehran a 15-point proposal. In China, New Zealand’s largest trading partner, Beijing called on the U.S. to maintain stable and sustainable trade relations despite ongoing tensions.
Nonetheless, investors remained cautious ahead of New Zealand’s March business and consumer confidence data due later this week. At the same time, RBNZ Governor Anna Breman warned that the war involving Iran is likely to push up near-term headline inflation and weigh on New Zealand’s growth momentum.
Gains on the day were broadly based, led by healthcare, utilities, and transport stocks. Notable performers included EBOS Group (up 4.4%), Infratil (3.5%), Sanford (2.9%), and Fisher & Paykel Healthcare (2.8%).
