The NZX 50 rose 116 points, or 0.9%, to 12,942 in Thursday morning trade, snapping the previous session’s losses. The move followed a positive lead from Wall Street overnight, driven by hopes of de-escalation in the Middle East, with investors now awaiting US President Trump’s speech on the Iran conflict later today.
Gains were broad-based, with almost all sectors trading higher, including consumer staples, financials, and communication services. Sentiment was tempered, however, by caution ahead of next week’s RBNZ monetary policy meeting, where markets widely expect the central bank to keep the cash rate unchanged at 2.25%. Investors are also watching New Zealand Prime Minister Luxon’s cabinet reshuffle for potential policy implications.
Early outperformers included Ebos Group (+2.0%), Hallenstein Glasson (+1.8%), Chorus (+1.6%), Freightways Group (+1.3%), and Mainfreight (+1.0%). For the week, the benchmark index is on track to finish broadly flat after four consecutive weeks of declines, as concerns over Middle East tensions continue to ease. The market will be closed on Friday for the Good Friday holiday.
