New Zealand’s benchmark S&P/NZX 50 index rose 0.85% to close at 13,232 on Friday, recovering from a two-day slide as strength in healthcare and transportation stocks lifted the market.
The index followed a strong lead from Wall Street, where equities rallied a day after the US Federal Reserve cut interest rates, while chipmaker Intel surged on Nvidia’s announcement that it would take a stake in its rival.
At home, a surprisingly steep contraction in New Zealand’s economy led traders to price in further rate cuts from the Reserve Bank, with some even anticipating a larger half-point cut in October.
On the corporate front, shares of medical device maker Fisher & Paykel rose 2.2%, while pharmaceutical supplier Ebos Group climbed 4.3%.
Aged-care providers Summerset Group and Oceania also gained 2.1% and 1.5%, respectively.
In the transportation sector, Auckland Intl Airport advanced 1.95%, Mainfreight added 2.5%, and Freightways jumped 4.6%.