The NZX 50 advanced 134 points, or 1.0%, to close at 13,757 on Thursday, extending the prior session’s gains after fresh data showed New Zealand’s Q2 GDP grew faster than expected. The economy expanded 2.6% year-on-year, above forecasts of 2.3% and marking the strongest annual growth in three years. On a quarterly basis, GDP rose 0.2%, slightly ahead of the 0.1% consensus, even as elevated oil prices—driven by the ongoing Middle East conflict—added to economic headwinds.
The broader index also tracked a rise in US stock futures after a Fed rate hike initially sparked a market sell-off. However, the Federal Reserve’s decision to raise interest rates for the first time since 2023 limited further upside. Investors continued to monitor the Iran–US war and its implications for oil markets.
Sector-wise, energy, technology, utilities, real estate, and financials were the main drivers of the rally. Notable gainers included Gentrack Group (+3.6%), Channel Infrastructure (+2.7%), Mercury NZ (+2.5%), Westpac Banking Corp. (+2.3%), ANZ Group (+1.5%), and Infratil (+1.4%).
