NZX 50 Index Rises Amid Oil Price Drop
New Zealand's S&P/NZX 50 index rose 0.6% to 13,821.2 as oil prices fell amid optimism that a damaged Saudi Arabian pipeline won't crimp supply as much as feared.
The rally across Asia was driven by the drop in oil prices, with Brent crude futures falling 2.2% to $101.64 a barrel at 5pm in Auckland.
Exporters such as Mainfreight and Fisher & Paykel Healthcare led the gains on the NZX 50 index, with F&P Healthcare up 0.9% to $44.55 and Mainfreight advancing 2.5% to $66.71.
Fonterra Shareholders' Fund units also rose after the dairy cooperative raised its forecast milk price ahead of reporting its annual result on Thursday.
However, commercial landlords such as Vital Healthcare Property Trust and Precinct Properties NZ were at the bottom of the leaderboard after ANZ economists added another two hikes to their forecast track for the Reserve Bank's official cash rate.