New Zealand Stocks Track Wall Street Higher

The NZX 50 climbed 93 points, or 0.7%, to 12,996 in morning trade on Tuesday, resuming after a two-day closure for the Easter holiday and extending gains from the previous session. The broader index hit its highest level since March 19, following an upbeat session on Wall Street overnight due to hopes for a Middle East ceasefire. Sentiment was further lifted by expectations that the RBNZ will hold the interest rate at 2.25% at Wednesday's meeting, amid concerns about inflation and the toll of soaring energy prices on the economy. Almost all sectors traded in the green, including healthcare, information technology, and communication services. However, investors are anticipating the US March inflation data due later this week, also amid soaring energy prices. Among early gainers were AFT Pharmaceuticals (2.1%), Fisher & Paykel Healthcare (1.6%), Gentrack Group (1.2%), Freightways Group (1.1%), Fonterra (1.0%), ANZ Group (0.8%), and Westpac Banking Corp. (0.8%).

The NZX 50 climbed 76 points, or 0.6%, to close at 12,902 on Thursday, easing from strong morning gains but halting losses from the prior session, as traders expect the RBNZ to keep the Official Cash Rate on hold next week despite rising oil prices. The central bank is expected to hold the interest rate for a 2nd straight meeting at 2.25%, the lowest level since mid-2022. Traders also cheered as the prime minister reshuffled his ministerial lineup. Most sectors traded in the green, including energy, consumer staples, and financials. However, US President Trump's remarks that Washington would strike Iran “extremely hard” over the next two to three weeks capped the gains. Top gainers were Ebos Group (4.7%), A2 Milk (2.2%), Contact Energy (1.7%), and Hallenstein Glasson (1.4%). However, the index fell by 0.3% over the week, marking its 5th consecutive decline amid persistent concerns about Middle East tensions. The market will be closed for two days for Good Friday, reopening on Tuesday.

The NZX 50 added 116 points, or 0.9%, to 12,942 in morning trade on Thursday, halting losses from the previous session, following an upbeat session on Wall Street overnight due to hopes of Middle East de-escalation. Investors now await US President Trump's speech on the Iran war later today. Almost all sectors traded in the green, including consumer staples, financials, and communication services. However, traders are anticipating the RBNZ monetary policy meeting next week, with the market expecting the central bank to hold the interest rate at 2.25% and assess New Zealand PM Luxon's cabinet reshuffle. Among early gainers were Ebos Group (2.0%), Hallenstein Glasson (1.8%), Chorus (1.6%), Freightways Group (1.3%), and Mainfreight (1.0%). For the week, the index is set to be flat after a four-week decline, amid easing Middle East tensions. The market will be closed tomorrow for the Good Friday holiday.