Meridian, Infratil keep NZX50 afloat as rising oil prices weigh

New Zealand’s S&P/NZX 50 index eked out a small gain in a volatile day of trading, as investors weighed up the to-ing and fro-ing over the Strait of Hormuz as US President Donald Trump ratcheted up the rhetoric once more, with gains for Meridian Energy and Infratil making up much of the difference.

Brent crude oil prices bounced from their Friday slump after the strait was closed once again, while Ministry of Business, Innovation and Employment figures showed the domestic petrol and diesel supply dipped, while Air New Zealand rallied after an increase in jet fuel holdings.

Locally, Statistics New Zealand’s inflation figures and the NZ Institute of Economic Research’s quarterly business confidence survey remain high on the agenda, feeding into expectations for the Reserve Bank’s presumed rate hike cycle.

And Comvita’s biggest shareholders have exited the register as the honey products maker shores up its balance sheet with a new cornerstone investor.