Sharemarket snaps 3-day decline as exporters rally on subdued kiwi dollar

New Zealand’s S&P/NZX 50 index snapped a three-day decline as Fisher & Paykel Healthcare and other exporters were buoyed by a soft kiwi dollar, with Westpac NZ economists paring back their expectations for the Reserve Bank to hike interest rates.

Tourism Holdings led the benchmark higher after attracting a mystery suitor with a sweet offer to rival the Trouchet family and BGH Capital, which have yet to start their due diligence on the rental campervan operator.

Spark New Zealand recovered from a 15-year low after Jarden analysts raised their rating on the telco due to its recent price slump, while the energy sector remained broadly weaker on both sides of the Tasman as oil prices continued to decline.

And markets across Asia were mixed with Australia’s resources-heavy ASX knocked by the slide in gold prices, while tech-heavy bourses in South Korea and Japan rallied after Micron Technology’s stronger-than-expected revenue growth cooled fears about the pace of global artificial intelligence investment.