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The NZX 50 advanced 92 points, or 0.7%, to 13,493 on Thursday, wiping out losses from the previous three sessions. The rebound was led by gains in energy, healthcare, consumer staples, and communication services stocks. The broader market mirrored strength in US futures after Micron reported earnings that significantly beat expectations and issued an upbeat outlook.
Sentiment was further supported by easing oil prices, which helped temper inflation concerns and lowered the perceived likelihood of an interest rate hike. Even so, trading remained cautious ahead of the release of the final US Q1 GDP figures and the May PCE Price Index later today, data that could influence the Federal Reserve’s policy stance at its upcoming meeting.
A2 Milk climbed 3.3% after announcing a USD 300 million special dividend for shareholders, following the resolution of regulatory hurdles in China. Other notable gainers included Fisher & Paykel Healthcare (up 3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).
