Infratil powers NZX50 higher; kiwi rallies on jobs growth

Infratil led the S&P/NZX 50 index higher after the infrastructure investor’s CDC unit announced a major contract, spurring the company’s biggest one-day gain since December 2020.

Stock markets across Asia were broadly stronger after US President Donald Trump paused the naval operation guiding ships through the Strait of Hormuz to try to get Iran back to the negotiating table, providing another tailwind to the kiwi dollar after Statistics New Zealand figures showed the unemployment rate eased in the first three months of the year.

The Reserve Bank’s latest financial stability report showed New Zealand’s financial system remained in good heart, with the banking sector well placed to support customers through the current energy shock and potential economic downturn.

Meanwhile, Gentrack extended its sharp decline after cutting its earnings and revenue outlooks for the year as it competes more aggressively for customers.