The NZX 50 advanced 76 points, or 0.6%, to close at 13,622 on Tuesday, extending the previous session’s gains and marking its highest finish since February 27. The move followed a strong rally on Wall Street, as investors reassessed AI-related stocks after the recent selloff and geopolitical tensions between the US and Iran eased. Sentiment was further supported by softer oil prices, which tempered inflation worries and reduced the likelihood of additional interest rate hikes.
Fresh economic data also underpinned the market. New Zealand business confidence climbed to its highest level since February, while China’s private sector recorded its fastest expansion in six months. Sector-wise, utilities, financials, and consumer staples led the advance.
Notable gainers included Scales Corp. (up 4.4%), Freightways Group (2.3%), Port of Tauranga (2.3%), Summerset Group (2.0%), Ebos Group (1.7%), A2 Milk (1.1%), and Chorus (1.1%). For the month and quarter, the index remains on track for gains of 2.8% and 5.5%, respectively.
