New Zealand’s benchmark S&P/NZX 50 index advanced 0.6% to end at 13,582 on Wednesday, extending the previous session’s gains amid strength in utilities, healthcare, and consumer non-durables. The local market followed a positive lead from Wall Street as investors geared up for an expected interest rate cut by the US Federal Reserve. Sentiment was further lifted by comments from new RBNZ Governor Anna Breman, who said on Tuesday that the bank’s top priority remains keeping inflation low and stable while supporting economic growth. Market heavyweights drove much of the advance, with Fisher & Paykel Healthcare (+1.0%), Meridian Energy (+2.0%), Infratil (+0.9%), Contact Energy (+1.0%), Mercury NZ (+1.1%), and a2 Milk (+1.4%) posting solid gains. Property stocks also performed well, including Precinct Properties (+1.2%), Kiwi Property (+0.9%), Argosy Property (+1.2%), and Stride Property (+0.7%).
