The NZX 50 rose 199 points, or 1.5%, to close at 13,293 on Wednesday, snapping a three-session losing streak as gains broadened across most sectors, led by consumer durables, non-energy minerals, financials, and transport. Risk appetite improved in line with stronger U.S. equity futures ahead of key inflation data due later in the day. Sentiment was also supported by a Wall Street Journal report that the International Energy Agency has proposed its largest-ever release of emergency oil reserves to help cool prices, which have recently surged amid the U.S.–Israel conflict with Iran.
Upside momentum was constrained, however, by caution ahead of several domestic data releases later this week, including Q4 manufacturing sales and January visitor arrivals. Attention will then shift to next week’s figures on food inflation, Q4 GDP, and trade, which are expected to provide clearer signals on the underlying strength of the economy. Notable gainers included Serko Ltd. (+5.6%), Meridian Energy (+3.0%), Scales Corp. (+2.8%), and Fletcher Building (+2.7%).
