The NZX 50 rose 66 points, or 0.5%, to close at 13,426 on Tuesday, snapping the previous session’s losses. The advance was led by gains in the utilities, energy, technology, and consumer discretionary sectors. The benchmark also reached its highest level since March 6, mirroring an overnight rally on Wall Street as easing inflation concerns, driven by lower oil prices following a peace deal between the US and Iran, supported risk appetite.
Upside momentum was partly capped, however, by fresh data showing New Zealand’s food inflation accelerated to 3.2% in May. Investors also remained cautious ahead of New Zealand’s Q1 GDP release later this week and the US Federal Reserve’s upcoming monetary policy decision.
On the corporate front, Delegat Group surged 14.3% after the company raised its full-year earnings guidance. Other notable gainers included Henderson Far East Income (up 3.7%), Skellerup Holdings (3.1%), Fletcher Building (1.3%), Fisher & Paykel Healthcare (1.2%), Infratil (0.7%), and ANZ Group (0.6%).
