FX.co ★ New Zealand Shares Surge on Broad-Based Gains

New Zealand's S&P/NZX 50 index experienced a notable uptick, climbing 1.1% to close at 12,419 on Friday. This rise marked the end of a two-day downturn, as broad market gains were observed. The index mirrored the positive trend seen in Wall Street, significantly boosted by Nvidia's impressive quarterly results, which lifted its shares. On the domestic front, consumer confidence in New Zealand declined in May, highlighting potential challenges to household spending amidst ongoing global trade uncertainties. In terms of sectors, health technology emerged as a leading performer, with a remarkable 3.7% increase. Fisher & Paykel and AFT Pharmaceuticals were standout stocks, advancing 5.5% and 1.4%, respectively. Other notable gainers included Mainfreight at 4.9%, a2 Milk at 1.95%, Vector rising 2.2%, Freightways with a 1.2% increase, and a 3.4% boost for Skellerup. Despite the positive movement on Friday, the index ended the week with a 1.4% decline, its second successive weekly drop. Nonetheless, it achieved a 4.3% gain for May, marking its strongest monthly performance since July 2024 and breaking a streak of four consecutive months of losses.