NZX 50 Extends Gains, Ends 1% Higher

The NZX 50 climbed 134 points, or 1.0%, to close at 13,757 on Thursday, extending gains from the previous session after fresh data showed New Zealand’s GDP grew faster than expected in Q2. The country’s economy expanded 2.6% year-on-year, beating estimates of 2.3% and marking the strongest growth in three years, while easing to 0.2% quarter-on-quarter, above forecasts of 0.1%, amid elevated oil prices due to the ongoing Middle East conflict. The broader index tracked a rise in US stock futures. However, the Fed’s decision to hike interest rates for the first time since 2023 capped the gains. Traders continued to monitor developments in the Iran-US war and its impact on oil prices. Energy, tech, utilities, real estate, and financials mainly drove the index, with notable gains including Gentrack Group (3.6%), Channel Infrastructure (2.7%), Mercury NZ (2.5%), Westpac Banking Corp. (2.3%), ANZ Group (1.5%), and Infratil (1.4%).