New Zealand shares rose 129 points, or 0.9%, to close at 13,903 on Tuesday, extending a two-session rally. Gains were led by the technology, healthcare, materials, and financial sectors. The benchmark index finished just shy of its record high of 13,977, set on July 29, mirroring overnight strength on Wall Street driven by a rebound in technology stocks and easing oil prices amid hopes for progress in US–Iran peace talks.
Softer oil prices further underpinned sentiment by easing inflation worries and dampening expectations of an imminent interest rate hike. Nevertheless, trading remained cautious ahead of New Zealand’s Q2 unemployment figures due Wednesday, with consensus forecasts pointing to a slight uptick to 5.4%. Investors were also looking ahead to a series of US releases, including labor market data, for further signals on the US economic outlook.
Among the session’s top performers were Fisher & Paykel (+2.8%), Westpac Banking Corp. (+2.3%), Meridian Energy (+2.3%), Infratil (+2.0%), and Freightways Group (+1.1%).
