NZX50 recovers as Trump’s pause eases Middle East fears

New Zealand’s S&P/NZX 50 index posted its biggest daily gain in almost two months as US President Donald Trump’s pause on planned military strike in Iran soothed some frayed nerves over the protracted conflict in the Middle East.

Heavyweight Fisher & Paykel Healthcare helped propel the index higher in the buoyant session, with power companies also on the rise after Contact Energy’s latest operating update kept its earnings guidance intact, while Gentrack posted the sharpest gain on the day after getting upgraded by Jefferies analysts.

Channel Infrastructure was among the leaders after Statistics New Zealand figures showed producer prices – which the import terminal’s revenue is tied to – grew at a faster pace in the March quarter, while retailers were mixed on soft consumer spending on credit and debit cards in April.

Meanwhile, AoFrio ended the day unchanged, with the smart refrigeration company turning to sometime-activist Mike Daniel’s Wairihi Investments to provide cornerstone funding in a placement ahead of a planned offering to its broader shareholder base.