The NZX 50 rose 33 points, or 0.3%, to 12,945 in Wednesday morning trading, extending gains for a second consecutive session. The move followed a sharp rebound on Wall Street overnight, driven by renewed hopes of de-escalation in the Middle East. Sentiment improved after the Iranian President signaled a willingness to negotiate with the US, Israel, and GCC members under certain conditions.
Most sectors traded higher, led by energy, with additional support from industrials, utilities, and real estate. Traders, however, remained cautious ahead of Chinese manufacturing PMI figures from a private survey, after official data on Tuesday showed mainland factory activity expanding for the first time in three months.
Notable gainers included ANZ Group (up 1.5%), Freightways Group (1.5%), Auckland International Airport (1.2%), Meridian Energy (0.8%), and Contact Energy (0.5%).
On the domestic data front, New Zealand building permits rose 2.7% month-on-month in February, picking up from a 2.0% increase in January.