The NZX 50 jumped 308 points, or 2.2%, to close at a new record high of 14,091 on Thursday, logging its strongest single-day performance in nearly 19 months. The rally extended a two-session winning streak, driven by growing expectations that the RBNZ will begin easing monetary policy at its December meeting, after data released on Wednesday showed the unemployment rate had climbed to an 11-year high of 5.7%.
Sentiment was further buoyed by an upbeat session on Wall Street overnight after Democrats regained control of Congress. Softer oil prices also underpinned the market, tempering inflation and interest-rate hike concerns amid optimism over a potential Iran–US peace deal.
Gains were broad-based, with nearly all sectors finishing in positive territory. Materials led the advance, followed by healthcare, consumer staples, and financials. Among the standout performers were Gentrack Group (+5.6%), Australian Foundation Investment (+4.7%), Vulcan Steel (+4.1%), Infratil (+4.0%), and Fisher & Paykel (+3.9%).