NZX50 roars back as US drafts peace plan in Iran

New Zealand’s S&P/NZX 50 index clawed back all of Tuesday’s slump and a little more as it surged into life as reports that US President Donald Trump’s administration has drafted a 15-point peace plan to resolve the conflict with Iran revived investors’ appetite for riskier assets and took the wind out of elevated oil prices.

Blue-chip stocks including Fisher & Paykel Healthcare, Infratil, Meridian Energy and Auckland International Airport did heavy lifting on the local bourse, while Ebos Group led the benchmark higher as investors turn their minds to the upcoming investor day at the end of April.

KMD Brands was among the day’s decliners before trading in the retailer’s shares was halted after the owner of the Kathmandu and Rip Curl brands pushed out releasing its first-half result and confirmed speculation it was preparing to raise fresh capital.

And Channel Infrastructure declined after saying it’s identified some early options to increase diesel storage capacity at its Marsden Point terminal, while finance minister Nicola Willis said she’ll set out triggers for fuel rationing or restrictions on Friday after the latest government supply figures showed a dip in fuel stocks.