NZX 50 Stays at 3-Week High Amid Iran Ceasefire

The NZX 50 rose 184 points, or 1.4%, to close at 13,254 on Wednesday, gaining for the third straight session, following a rally in US futures after US President Trump announced a two-week ceasefire between the US-Israel coalition and Iran. Sentiment was also lifted by the RBNZ's decision to hold the interest rate at 2.25%, keeping borrowing costs at their lowest level since mid-2022, amid concerns about inflation and the toll of soaring energy prices on the economy. The broader index remained at its highest level since March 18, supported by gains across almost all sectors. Materials led the advance, followed by industrials, financials, technology, and real estate. Top performers included Freightways Group (4.3%), Westpac Banking Corp. (3.9%), ANZ Group (3.3%), Skellerup Holdings (3.3%), Auckland International Airport (3.1%), and Fisher & Paykel Healthcare (2.3%).

New Zealand stocks rose 20 points, or 0.2%, to 13,089 in morning deals on Wednesday, gaining for the third straight session ahead of the RBNZ monetary policy decision later today. The broader index remained at its highest level since March 18, supported by expectations that the central bank will hold the interest rate at 2.25%, amid concerns about inflation and the toll of soaring energy prices on the economy. Communication services led the gains, followed by materials, consumer discretionary, and industrials. Sentiment was also lifted by hopes of de-escalation in the Middle East after Pakistan requested President Donald Trump to extend a key deadline to reopen the critical Strait of Hormuz by two weeks. However, traders are anticipating the US March inflation data due later this week, amid soaring energy prices. Among the top performers were Chorus (1.2%), Mainfreight (0.8%), Ebos Group (0.6%), Mercury NZ (0.6%), and Auckland International Airport (0.4%).

The NZX 50 rose 168 points, or 1.3%, to close at 13,070 on Tuesday, resuming after a two-day closure for the Easter holiday and extending gains from the previous session, supported by most sectors. Healthcare led the advance, followed by materials, communication services, financials, and industrials. The broader index hit its highest level since March 18, 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. However, a fall in US futures capped gains, as investors cautiously watched President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz after Tehran rejected a ceasefire proposal. Top gainers included Skellerup Holdings (5.6%), Fisher & Paykel Healthcare (3.8%), Mainfreight (3.6%), ANZ Group (2.6%), Freightways Group (2.1%), and Ebos Group (1.5%).