NZ Stock Market Hits Record High Amid Easing Tensions and Strong Wall Street Lead

New Zealand's S&P/NZX 50 index closed at a record high on Tuesday, led by companies tied to the economic cycle such as Summerset Group Holdings and Fletcher Building.

The gains were driven by strong lead from Wall Street and optimism that tensions between the US and Iran could ease soon, allowing trade through the Strait of Hormuz to resume.

Investors also welcomed jobs data showing higher unemployment in the June quarter, which they saw as reducing pressure on the Reserve Bank to hike interest rates.

Statistics NZ reported a 0.5% increase in jobs growth, but an unemployment rate of 5.6%, exceeding forecasts for a 5.4% print.

Peter McIntyre, an investment adviser at Craigs Investment Partners, said the markets were 'liking it' and that the employment data gave the Reserve Bank room to hold rates.