NZX50 climbs 1.8% this week on prospect of Middle East peace

New Zealand’s S&P/NZX 50 index ended the week on a strong note as the US and Iran moved closer to a potential ceasefire after President Donald Trump called off planned strikes and said a deal could close as early as this weekend, pushing oil prices lower and reviving investors’ demand for riskier assets.

That comes ahead of the much-anticipated SpaceX debut after it raised US$75 billion in an initial public offering, while local favourite Rocket Lab extended its rally in afterhours trading after getting tapped to join the Nasdaq 100 index.

The a2 Milk Co led the local charge higher on both Friday and a weekly basis, with the infant formula exporter snapping a run of six weekly declines.

And ANZ Bank New Zealand chief Antonia Watson announced her exit at the top of the country’s biggest bank in September, after a six-year spell in charge.