NZX 50 Nears Record High on Wall Street Rally

New Zealand's stock market edged closer to its record high after rising 0.5% on Wednesday morning, tracking gains on Wall Street overnight.

The NZX 50 index closed at 13,973, just shy of its peak of 13,977 reached on July 29, with sectors like finance, consumer staples, and technology leading the charge.

Oil prices also contributed to the upbeat mood, falling further amid optimism over US-Iran peace talks. This tempered expectations of an interest rate hike by the RBNZ.

However, a concerning development emerged in the latest data: New Zealand's unemployment rate increased to 5.6%, its highest since Q3 2015, sparking fears that the RBNZ may tighten monetary policy.