New Zealand’s benchmark S&P/NZX 50 rose 0.3% to close at 13,467 on Wednesday, led by gains in utilities, financials, and health technology. Sentiment was lifted by China, New Zealand’s top trading partner, following the release of its January composite PMI at a three-month high of 51.6 and a service PMI also at a three-month peak of 52.3. Local data also showed a mixed picture as the Q4 unemployment rate edged up to 5.4% from 5.3% in the previous quarter, while employment growth picked up to 0.5% after remaining flat in Q3. The mixed jobs report weighed on the local dollar, supporting exporters and stabilizing rate-sensitive sectors. Investors are also awaiting US employment data due later today. Key contributors to the advance were heavyweights Contact Energy (+2.8%), Mercury NZ (+2.2%), Meridian Energy (+1.6%), Auckland International Airport (+1%), Fisher & Paykel (+0.7%), and EBOS Group (+0.4%).
