NZX50 roars back as US drafts peace plan in Iran
KMD pushes out earnings result to raise capital.
Wednesday, March 25th 2026, 6:42PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index clawed back all of Tuesday’s slump and a little more as it surged into life as reports that US President Donald Trump’s administration has drafted a 15-point peace plan to resolve the conflict with Iran revived investors’ appetite for riskier assets and took the wind out of elevated oil prices.
Blue-chip stocks including Fisher & Paykel Healthcare, Infratil, Meridian Energy and Auckland International Airport did heavy lifting on the local bourse, while Ebos Group led the benchmark higher as investors turn their minds to the upcoming investor day at the end of April.
KMD Brands was among the day’s decliners before trading in the retailer’s shares was halted after the owner of the Kathmandu and Rip Curl brands pushed out releasing its first-half result and confirmed speculation it was preparing to raise fresh capital.
And Channel Infrastructure declined after saying it’s identified some early options to increase diesel storage capacity at its Marsden Point terminal, while finance minister Nicola Willis said she’ll set out triggers for fuel rationing or restrictions on Friday after the latest government supply figures showed a dip in fuel stocks.
Give peace a chance
The NZX50 jumped 227.55 points, or 1.8%, to 12,929.3, its biggest one-day gain since May last year. Within the index, 32 stocks gained, 10 fell and eight were unchanged. Turnover across the main board was $121.2 million, of which F&P Healthcare accounted for $15.5 million as it climbed 2.8% to $37.19.
Risk-sensitive assets rallied across Asia and Brent crude oil futures were down 4.2% at US$96.01 a barrel at 5pm in Auckland after the New York Times reported that the White House has drafted a peace plan to bring the war with Iran to a close, which has been delivered to the Islamic Republic by Pakistan. The Polymarket prediction is pricing in a 44% chance of a ceasefire by the end of April.
Australia’s S&P/ASX 200 index was up 1.8% in late trading and Japan’s Nikkei 225 index jumped 2.5%, while S&P 500 futures advanced 0.7%.
“It’s risk-on, risk off – it’s definitely been testing investors’ patience,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “We’re seen a lot of volatility, and I don’t think that’s disappeared.”
Heavyweight companies drove gains on New Zealand’s benchmark, with Meridian gaining 2.6% to $5.48, Auckland Airport up 1.9% at $8.08 and Infratil climbing 3.5% to $11.18.
Air New Zealand rose 1.2% to 43.5 cents, bucking the soft lead from global carriers overnight after United Airlines’ chief executive warned of airfare hikes if jet fuel prices remained elevated and as Qantas Airways trimmed the schedule for its budget Jetstar subsidiary’s New Zealand flights.
Looking abroad
Exporters were broadly stronger with the kiwi dollar remaining subdued, trading at 58.23 US cents at 5pm in Auckland from 58.33 cents yesterday.
Sanford rose 2.9% to $7.15, a2 Milk gained 1.7% to $11.08 and Fonterra Shareholders’ Fund unit advanced 1.1% to $8.49.
Ebos Group led the benchmark higher, up 4.4% at $22.45, as investors start preparing for the healthcare products maker’s investor day next month.
Forsyth Barr analysts this week said they want the company to affirm their improving view of the firm’s outlook, with the June 2026 year set to be the trough in margins and returns, and the peak in debt.
Meanwhile, KMD Brands fell 2.5% to 19.5 cents before seeking a halt in trading of its shares to let it settle terms with select investors as it prepares to raise new capital. The retailer delayed its planned first-half result to Thursday or Friday.
Craigs’ McIntyre said it’s not a good time to be raising capital, with the share price at a low ebb.
Serko posted the steepest decline, falling 3.3% to $1.45 in its 10th straight drop, and taking the share price to its lowest level since March 2020.
Channel Infrastructure fell 1.7% to $2.98 after saying it’s identified early options for potential diesel storage, but wouldn’t comment further on discussions with customers.
Separately, finance minister Willis told reporters she’ll outline the framework for decisions about whether to introduce fuel restrictions, rationing or guidance on Friday. Ministry of Business, Innovation and Employment figures today showed combined fuel stocks covering 46.6 days in the country and on the water, which it said reflected normal consumption and shipping patterns.
Spark New Zealand was the most heavily traded stock on the day, with a volume of 1.9 million shares changing hands as it closed unchanged at $2.09.
Paul is a staff writer for Good Returns based in Wellington.
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