NZX50 joins Asia rally as it edges higher; kiwi slides vs Aussie as RBA hikes
New Zealand’s S&P/NZX 50 index nudged its way back into positive territory with a late rally, joining gains across Asia as investors regained their appetite for tech stocks, with Sharesies-favourite Palantir Technologies delivering another record quarter after Wall Street closed and as Elon Musk confirmed plans to merge his SpaceX and xAI businesses ahead of a mooted initial public offering later this year.
The shine came off Australia’s S&P/ASX 200 index in late trading after the Reserve Bank of Australia pressed ahead with a rate hike, pointing to material increases in consumer prices through the latter half of last year, which also pushed the kiwi dollar below 86 Australian cents.
Exporters Fisher & Paykel Healthcare and a2 Milk Co did the heavy lifting for the NZX50, while Briscoe Group led the benchmark higher after the retailer reported strong fourth-quarter sales, with its Rebel Sport chain driving sales through the important summer period.
And retirement village operators were weaker after Statistics New Zealand’s latest building consents figures showed a moderation in new permits, while Ryman Healthcare unveiled a new strategy to boost its cashflow and resume dividend payments in the coming years.
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