NZX 50 Gains on Late Rally from Exporters

The NZX 50 index closed higher on Thursday due to a late rally from exporters and trade-exposed companies, as the kiwi dollar fell against the US greenback.

Trade-exposed companies such as Port of Tauranga, Skellerup Holdings, and Napier Port Holdings led the gainers with increases of 2.7% or more. Fonterra Shareholders' Fund units also rose after the dairy cooperative reported a 39% increase in underlying annual earnings.

The softer kiwi dollar was seen as a major tailwind for exporters, according to Greg Smith from Generate Investment Management, citing Fonterra's strong result as an example.