17.07.202505:57:24UTC+00New Zealand Stocks Climb to Near 5-Month High

On Thursday, New Zealand's S&P/NZX 50 index experienced a 1.2% increase, closing at 12,905. This marks the third consecutive session of gains, achieving its highest point since February 20. The upward trend was influenced by positive momentum from Wall Street, where investor confidence was boosted after US President Donald Trump refuted claims about potentially replacing Federal Reserve Chair Jerome Powell. Furthermore, softer-than-expected US Producer Price Index (PPI) data from Wednesday bolstered arguments for potential Federal Reserve interest rate cuts later this year. Domestically, New Zealand's annual food inflation climbed to 4.6% in June, up from 4.4% in May, reaching its peak since December 2023. The gains on the NZX 50 were widespread, with Auckland International Airport surging 4.4%, dairy giant a2 Milk rising 4.8%, and medical device manufacturer Fisher & Paykel advancing 2.1%.