NZX Hits Over 3-Month High, Ends 0.5% Higher

The NZX 50 rose 66 points, or 0.5%, to close at 13,426 on Tuesday, halting losses from the previous session, mainly buoyed by gains in the utilities, energy, technology, and consumer discretionary sectors. The broader index hit its highest level since March 6, tracking a rally on Wall Street overnight as concerns over inflation eased due to lower oil prices following a peace deal between the US and Iran. However, fresh data limited the gains, as New Zealand’s food inflation accelerated to 3.2% in May. Traders also anticipated this week’s release of New Zealand’s Q1 GDP data and the Fed’s monetary policy decision. Delegat Group jumped 14.3% after the company revised its full-year earnings forecast upward. Other top performers were Henderson Far East Income (3.7%), Skellerup Holdings (3.1%), Fletcher Building (1.3%), Fisher & Paykel Healthcare (1.2%), Infratil (0.7%), and ANZ Group (0.6%).
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