The NZX 50 rose 80 points, or 0.6%, to 13,334 in Thursday morning trade, advancing for a fourth consecutive session and reaching its highest level since March 6. The benchmark tracked overnight gains on Wall Street, as investors remained optimistic that the two-week ceasefire between Iran and the US will hold.
Sentiment was also supported by Wednesday’s RBNZ decision to leave the cash rate unchanged at 2.25%, as policymakers weighed elevated inflation and the impact of surging energy costs on the broader economy. Most major sectors traded higher, with industrials, consumer staples, and real estate among the notable outperformers.
Upside was limited, however, after FOMC minutes indicated the Federal Reserve remains prepared to raise interest rates further if inflation proves persistent. Traders were also looking ahead to US March inflation data due later in the week, set against the backdrop of soaring energy prices.
Early movers on the NZX 50 included Freightways Group, up 3.0%; Auckland International Airport, up 2.5%; Ebos Group, up 1.1%; and A2 Milk, up 0.9%. Mainfreight and Infratil also added 0.4% each.
