14.06.202623:02:29UTC+00NZX 50 Hits Over 2-Month High Amid US-Iran Deal

The NZX 50 advanced 85 points, or 0.6%, to 13,479 in early Monday trading, extending the prior session’s rally following reports that the US and Iran had reached a peace agreement, with a formal signing expected on Friday. The benchmark index was trading near its highest level since March 6, buoyed mainly by consumer staples, financials, and consumer discretionary stocks.

Sentiment was further supported by the latest data showing a rebound in New Zealand card spending in May. However, gains were limited after figures revealed that private sector activity contracted at the fastest pace in a year: the services sector shrank for a fourth consecutive month, while manufacturing posted its first decline in 11 months.

Investors also looked ahead to this week’s key events, including the release of New Zealand’s Q1 GDP data and the US Federal Reserve’s monetary policy decision. Early notable gainers included A2 Milk (+4.5%), Ebos Group (+4.2%), AFT Pharmaceuticals (+1.6%), Freightways Group (+1.1%), Infratil (+1.1%), and Turners Automotive Group (+1.2%).