New Zealand’s stock market saw a modest gain on Wednesday, with the S&P/NZX 50 index rising 0.5% to close at 12,703. The increase was largely driven by a surge in health technology stocks. Fisher & Paykel Healthcare led the charge with a 3.5% gain, while Ebos Group and AFT Pharmaceuticals also saw positive movements, rising 0.6% and 0.8% respectively.
Other notable gainers included Contact Energy, which rose 1.2%, Port of Tauranga with a 1.7% increase, and Fletcher Building, which advanced 1.5%. Ryman saw a significant gain of 2.5%, while Freightways rose 1.1%. The positive sentiment was further bolstered by upbeat domestic economic data, with New Zealand posting a trade surplus of $1.43 billion in April. This marked a significant shift from the same period last year when the country recorded a deficit of $0.01 billion.
The trade surplus was driven by a substantial 25% growth in exports, which outpaced the 1.8% rise in imports. With this positive economic backdrop, investors are now turning their attention to the government’s budget announcement scheduled for Thursday.
