New Zealand shares rose 100 points, or 0.8%, to 13,029 in early trade on Thursday, extending gains into a second session after a positive lead from Wall Street overnight. Sentiment was underpinned by hopes for progress toward ending the conflict in Iran, as investors tracked the latest developments in the Middle East.
Upside, however, was limited after RBNZ Governor Anna Breman cautioned that the war in Iran could push up near-term headline inflation and weigh on New Zealand’s growth momentum.
In China, New Zealand’s largest trading partner, Beijing signaled it may introduce countermeasures after Mexico imposed new tariffs on Chinese imports, heightening trade tensions between the two countries.
The local market’s advance was led by energy minerals and industrial services, with notable gainers including Hallenstein Glasson (up 1.6%), Scott Technology (1.3%), Summerset Group (1.1%), and Mainfreight Ltd. (0.6%).
Investors now look ahead to the release of New Zealand’s March business and consumer confidence data on Friday.
