New Zealand Stocks Close at Record High
The NZX 50 surged 308 points, or 2.2%, to close at a fresh record high of 14,091 on Thursday, marking its best single-day trading session in nearly 19 months and extending gains from the previous two sessions amid hopes of monetary policy easing at the RBNZ's December meeting, following Wednesday's data showing that the unemployment rate had hit an 11-year high of 5.7%. An upbeat session on Wall Street overnight also lifted sentiment after Democrats won back control of Congress. Easing oil prices further supported sentiment as inflation and interest-rate hike concerns moderated, amid hopes of an Iran-US peace deal. Almost all sectors traded in the green, led by materials, followed by healthcare, consumer staples, and financials. Among notable gainers were Gentrack Group (5.6%), Australian Foundation Investment (4.7%), Vulcan Steel (4.1%), Infratil (4.0%), and Fisher & Paykel (3.9%).
The NZX 50 surged 308 points, or 2.2%, to close at a fresh record high of 14,091 on Thursday, marking its best single-day trading session in nearly 19 months and extending gains from the previous two sessions amid hopes of monetary policy easing at the RBNZ's December meeting, following Wednesday's data showing that the unemployment rate had hit an 11-year high of 5.7%. An upbeat session on Wall Street overnight also lifted sentiment after Democrats won back control of Congress. Easing oil prices further supported sentiment as inflation and interest-rate hike concerns moderated, amid hopes of an Iran-US peace deal.
Almost all sectors traded in the green, led by materials, followed by healthcare, consumer staples, and financials. Among notable gainers were Gentrack Group (5.6%), Australian Foundation Investment (4.7%), Vulcan Steel (4.1%), Infratil (4.0%), and Fisher & Paykel (3.9%).