NZX50 ekes out gain as US-Iran strikes weigh on Asia; Space IPO looms

New Zealand’s S&P/NZX 50 index was one of the stronger performers across Asia as Fisher & Paykel Healthcare and Meridian Energy steadied the local bourse as oil prices rose on the latest round of strikes between the US and Iran, while the looming SpaceX initial public offering on Wall Street had some investors making room in their portfolios for the mammoth capital raising.

KMD Brands led the NZX50 higher after a report across the Tasman that private equity firms have started circling the retailer, which is currently reviewing its businesses, while Spark New Zealand advanced on healthy volumes after hiking prices for some customers.

Westpac and ANZ economists lifted their growth forecasts for the first three months of the year, bringing them in line with the Reserve Bank’s projections for how the economy was tracking before the Middle East conflict took hold.

And agricultural companies were mixed as the annual Fieldays rural event kicked off.