The NZX 50 advanced 132 points, or 1.0%, to finish at 13,496 on Friday, fully reversing the previous session’s losses. The benchmark reached its highest level since March 6, supported by strength in consumer staples, consumer discretionary, utilities, and financials. The move tracked overnight gains on Wall Street, where optimism over a US–Iran peace deal helped offset concerns about a possible Federal Reserve rate hike later this year.
Domestic data also underpinned sentiment. New Zealand’s GDP growth accelerated to 0.8% quarter-on-quarter in Q1, while annual growth held steady at 1.5%. However, the latest trade figures tempered the advance: New Zealand’s trade surplus narrowed in May from a year earlier, as exports rose by less than imports.
Among individual names, A2 Milk jumped 8.4% after UBS raised its rating to “Buy” from “Neutral” on valuation grounds. Other notable gainers included Hallenstein Glasson (up 3.0%), Ebos Group (1.9%), Infratil (1.8%), Colonial Motor (1.7%), and Contact Energy (1.6%). For the week, the NZX 50 gained 2.2%, marking its second consecutive weekly rise.
