NZX50 closes at new record as heavyweights Infratil, F&P recover

New Zealand's S&P/NZX 50 index closed at an all-time as heavyweights Infratil and Fisher & Paykel Healthcare reversed morning weakness to end the day stronger as the benchmark joined global bourses in record territory.

The a2 Milk Co and Comvita gained after Chinese trade figures showed the world’s second-biggest economy’s imports climbed more than expected, even as the Asian powerhouse’s trade surplus continued to grow despite the US tariff regime.

Meanwhile, Heartland Group Holdings joined the Australian banks lower as US President Donald Trump’s campaign to cap credit card interest rates at 10% caused financial stocks to falter more broadly.

And construction materials firms and property developers were mixed after Cotality data showed the cost of building rose at a faster clip in the December quarter, while Statistics New Zealand figures showed growing numbers of new permits continue to support a recovery in the housing market, albeit not at the pace of the post-pandemic boom.