NZX 50 Edges Higher After GDP Data

The NZX 50 rose 8 points, or 0.1%, to 13,631 in Thursday morning trade, extending gains from the previous session following the release of New Zealand’s GDP data. Fresh data showed that New Zealand’s economy grew more than expected, with GDP rising 2.6% year-on-year, while easing to 0.2% quarter-on-quarter, amid elevated oil prices due to the ongoing Middle East conflict. However, the Fed’s decision to hike interest rates by 25 bps limited the gains. Traders continued to monitor developments in the Iran-US war and its impact on oil prices. Financials, healthcare, and utilities mainly drove the index, with top movers including Channel Infrastructure (1.5%), Freightways Group (0.7%), AFT Pharmaceuticals (0.5%), EBOS Group (0.5%), and Gentrack Group (0.5%).