FX.co ★ New Zealand Stocks Track Wall Street Higher

The NZX 50 rose 93 points, or 0.7%, to 12,996 in Tuesday morning trade, reopening after a two-day Easter break and building on gains from the previous session. The benchmark index reached its highest level since March 19, tracking a positive lead from Wall Street, where equities advanced on renewed hopes for a ceasefire in the Middle East.

Market sentiment was also supported by expectations that the Reserve Bank of New Zealand will leave its policy rate unchanged at 2.25% at Wednesday’s meeting, even as policymakers grapple with elevated inflation and the economic drag from surging energy costs. Nearly all sectors traded higher, with notable strength in healthcare, information technology, and communication services.

Investors are now turning their attention to US March inflation figures due later this week, which come against the same backdrop of sharply higher energy prices. Early movers on the upside included AFT Pharmaceuticals (up 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%).