New Zealand Shares Follow Wall Street Higher

The NZX 50 rose 33 points, or 0.3%, to 12,945 in Wednesday morning’s trading, marking a second straight gain, following a sharp rebound in Wall Street overnight amid renewed Middle East de-escalation hopes. The US market rebounded after the Iranian President said he was open to negotiations with the US, Israel, and GCC members under certain conditions. Meanwhile, US President Trump said that US military forces will leave Iran in two to three weeks. Most sectors traded in the green, led by energy, followed by industrials and utilities. However, traders are awaiting Chinese manufacturing PMI data from a private survey, after Tuesday's government data showed that factory activity in the mainland expanded for the first time in three months. Among the top gainers were ANZ Group (1.5%), Freightways Group (1.5%), Meridian Energy (0.8%), and Contact Energy (0.5%). On the data front, New Zealand building permits rose 2.7% mom in February, accelerating from 2.0% in January.

The NZX 50 climbed 163 points, or 1.3%, to close at 12,912 on Tuesday, reversing morning weakness and snapping a two-session decline as U.S. futures rallied on reports President Trump may end the war in Iran despite continued disruption in the Strait of Hormuz. Sentiment was further lifted by a rebound in private sector activity in top trading partner China, with manufacturing output recovering post–Spring Festival and services activity regaining momentum. Healthcare, financials, and logistics led the gains, though weakness in commercial services and consumer durables capped the upside. Standouts included Turners Automotive (2.7%), Hallenstein Glasson (2.2%), and Fisher & Paykel Healthcare (2.1%). However, local markets fell 5.9% in March, reversing prior gains, as Wellington warned inflation could breach the RBNZ’s 1–3% target if geopolitical risks persist. Business confidence also slid to a near two-year low, reflecting caution over potential fallout from Middle East shocks.

New Zealand equities slipped 53 points, or 0.4%, to 12,695 in Tuesday morning’s trade, marking a third straight decline after Wall Street ended mostly lower Monday in a holiday-shortened week. Sentiment weakened as surging oil prices and escalating Middle East tensions overshadowed tentative diplomatic signals from Washington. Locally, Finance Minister Nicola Willis cautioned inflation could climb “much higher” this year and stay outside the RBNZ’s 1%–3% target if geopolitical risks persist. Investors also awaited March business mood data after February hit a four-month low, while focus also turned to top trading partner China, with official PMI due later today. Consumer durables, energy minerals, and healthcare weighed on the NZX 50, partly offset by modest tech gains. Early laggards included PGG Wrightson (-1.8%), Ryman Healthcare (-1.5%), Summerset Group (-1.2%), and Channel Infrastructure (-1.0%). For March, the index is tracking a sharp 7.5% monthly loss, erasing February’s gains.