New Zealand shares rose on Thursday as did most equities in Asia as investors tracked gains from Wall Street following US inflation data and major banks' financial reports.
The S&P/NZX 50 Index rose 0.4%, or 56.99 points, to close at 13,000.56.
The index has gained 0.8% over the past five trading days.
Shares were also broadly higher in Asia, with Japan's Nikkei 225 up 0.3% and Hong Kong's Hang Seng rising 0.8%. The Shanghai SSE eked out a 0.2% gain.
Investors tracked gains among US benchmark equity indexes overnight. The S&P 500 rose 1.8%, the Dow Jones Industrial Average climbed 1.7%, and the Nasdaq Composite advanced 2.5%.
The rally came after US core inflation for December 2024 registered a 3.2% print, below market estimates, fueling hopes for Fed rate cuts. Upbeat earnings from JPMorgan Chase, Goldman Sachs, and Citigroup for the fourth quarter also helped lift sentiment.
In domestic news, New Zealand's food inflation rose to 1.5% in the 12 months to December 2024, easing from 1.3% in the year to November, Stats NZ reported Thursday.
In corporate news, Meridian Energy's (NZE:MEL, ASX:MEZ) retail sales volume rose 2.6% year on year in December 2024.
Elsewhere, ArborGen Holdings (NZE:ARB) repurchased 52,121 ordinary shares of the firm in an on-market buyback program for a consideration of NZ$0.144 apiece.
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