NZX50 surges out of Easter weekend amid Middle East conflict fears

Skellerup led the bourse higher with exporters benefiting from a weaker currency.

Tuesday, April 7th 2026, 6:29PM

by Paul McBeth

New Zealand’s S&P/NZX 50 index joined Australia’s S&P/ASX 200 index in outperforming their Asian peers as investors continue to fret over US President Donald Trump’s heightened rhetoric as Iran rejected the latest ceasefire proposition.

Skellerup Holdings led the local benchmark higher, with exporters benefiting as the risk-sensitive kiwi dollar remains under pressure in the geopolitical turmoil, adding a tailwind for market heavyweights Fisher & Paykel Healthcare and Mainfreight.

National carrier Air New Zealand was among the day’s gainers, with the airline’s cuts to regional routes and increased fares going down well with investors.

Meanwhile, KMD Brands tumbled as the retailer component of its $65.3 million capital raising opened, albeit with the shares holding above the bargain basement offer price.

The market is risen

The NZX50 climbed 167.51 points, or 1.3%, to 13,069.66, the first time it’s closed above 13,000 in two-and-a-half weeks. Within the index, 33 stocks gained, 15 declined and two were unchanged. Turnover was $120.4 million, with trading thinned out by the school holidays, as Auckland International Airport accounted for $23.7 million of that, dipping 0.6% to $8.02.

The New Zealand and Australian markets outperformed across Asia – the ASX200 was up 1.5% in late trading – with investors unnerved by US President Trump’s latest deadline for Iran to re-open the Strait of Hormuz or face attacks on civilian infrastructure such as bridges and energy plants. Brent crude oil futures rose 1.3% to US$111.17 a barrel at 5pm in Auckland, while the Polymarket prediction market is pricing in a 27% chance of a ceasefire by the end of April.

“Human behaviour comes into play, rather than fundamentals, as the driver for markets and that will stay until we get some resolution,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “The situation at the moment is very fluid.”
Exporters were broadly stronger on the NZX with the kiwi dollar under pressure at 57.02 US cents at 5pm in Auckland from 57.19 cents last week, and falling to 82.44 Australian cents from 82.81 cents.

Rubber goods maker Skellerup led the NZX50 higher, up 5.6% at $5.49, while F&P Healthcare gained 3.8% to $38.09 and Mainfreight advanced 3.6% to $61.11.

Vista Group International rose 5.2% to $1.725, after a strong US box office through the long weekend spurred gains for cinema chain AMC Entertainment in the US.

Quick response
Air New Zealand climbed 4.6% to 45.5 cents after the national carrier trimmed the number of regional routes in and out of Nelson and Tauranga as elevated jet fuel prices continue to bite. South-East Asia budget carrier AirAsia X – which cancelled its Auckland routes in 2024 – hiked fares by as much as 40% over the long Easter weekend.

Craigs’ McIntyre said investors welcomed the quick response by the airline to those elevated jet fuel prices.
Interest rate sensitive property investors were broadly stronger, with the yield on the 10-year government bond down 1 basis point at 4.74% at 5pm in

Auckland after of the Reserve Bank’s policy review on Wednesday, when the monetary authority is expected to keep the official cash rate at 2.25%.
Property for Industry advanced 2.3% to $2.27, Stride Property gained 1.9% to $1.10 and Argosy Property was up 0.9% at $1.105.

Goodman New Zealand increased 0.3% to $1.90 after the commercial landlord resumed trading after completing its corporatisation and adopted a new stapled securities structure.
Summerset Group Holdings increased 0.3% to $8.93 after the retirement village operator said March quarter sales of new occupation rights jumped 34% from a year earlier, with resales up 19%.

Ryman Healthcare was unchanged at $2.14, and Oceania Healthcare rose 1.5% to 69 cents.

Big volume

Spark New Zealand was the most heavily traded stock on the top 50 index, up 2.4% at $2.13 on a volume of 3.1 million.
KMD Brands posted the steepest decline on the NZX50, sinking 15% to 7.5 cents on a volume of almost 3 million shares as the $58.5 million retail component of its capital raising opens, holding above the 6 cents per share offer price.

The a2 Milk Co declined 1.2% to $11.26 after the infant formula firm agreed an in-principle A$62 million settlement over a class action brought by shareholders in Australia. The deal needs to be ratified by Supreme Court of Victoria, and will be covered by insurance with no admission of liability.

Stock market operator NZX fell 0.8% to $1.32 after its latest monthly operator metrics showed a 10% decline in the value of trading in March from a year earlier.

Outside the benchmark index, Blis Technologies surged 13%, or 0.2 of a cent, to 1.7 cents on a volume of 3.2 million shares, the most across the main board.

Bremworth sank 12% to 69 cents after the Commerce Commission delayed its decision on whether to approve the sale of the carpetmaker’s assets to Godfrey Hirst’s parent, with a statement of unresolved issues notice to be published.

And AFT Pharmaceuticals gained 4.2% to $3.50 after the Maxigesic maker said sales were a record in the March year, and it reaffirmed guidance for operating earnings to be between $20 million and $24 million.

Paul is a staff writer for Good Returns based in Wellington.

Tags: Market Close