The NZX 50 rose 14 points, or 0.1%, to 13,836 in Thursday morning trade, reversing the previous session’s losses, with gains led by financials, consumer staples, and utilities. Sentiment was supported by optimism around the Trump–Xi summit, where artificial intelligence and tariffs were expected to feature prominently on the agenda. However, further upside was constrained by higher oil prices amid mounting tensions in the Middle East, after Iran’s president vowed never to surrender.
On Wall Street, major indices finished lower as a sharp rise in Treasury yields triggered a broad sell-off and strengthened expectations of another Federal Reserve interest rate hike.
Early gainers on the NZX included Briscoe Group and Contact Energy, both up 0.9%, Hallenstein Glasson, which advanced 0.8%, Infratil, up 0.7%, and EBOS Group, which gained 0.6%. Fonterra Shareholders’ Fund climbed 1.4% after reporting a full-year profit, supported by the sale of its Mainland brands to French dairy giant Lactalis.