New Zealand’s benchmark S&P/NZX 50 index rose 0.4% to close at 13,459 on Thursday, extending gains to reach its highest level in nearly three weeks. The local market tracked gains in most Asian equities after the US Federal Reserve delivered a widely expected 25bps rate cut. However, Fed Chair Jerome Powell said that this may be the final reduction this year due to lack of data amid the ongoing government shutdown. Investors also awaited details from trade talks between US President Trump and Chinese President Xi, hoping for progress toward a deal. Adding to the positive sentiment, New Zealand’s business confidence jumped to an eight-month high in October, supported by substantial monetary easing and expectations of economic recovery. Top gainers included Fisher & Paykel (+0.9%), Fletcher Building (+1.6%), Ryman Healthcare (+0.7%), Argosy Property (+2.0%), and Channel Infrastructure (+2.7%).
