The S&P/NZX 50 Index ended the session at 12,905.04, gaining 94.72 points (0.74%), with 27.47 million shares traded for $147.58 million. The recovery followed a 1.42% drop the previous day after US President Donald Trump delayed imposing 25% tariffs on Mexico and Canada for a month following “friendly” discussions.
The US also reached agreements with its neighbours to boost border controls targeting migration and fentanyl trafficking.
Mark Lister, investment director at Craigs Investment Partners, noted that while the tariff delay was positive, uncertainty remains. “Trump’s softening in his tariff stance was good news but we are not out of the woods… Investors have to prepare themselves for a bumpier road,” he said.
Wall Street also rebounded after early losses, with the Dow Jones closing down 0.28%, the S&P 500 down 0.76%, and Nasdaq falling 1.2%.
Locally, investors awaited unemployment data, expected to rise above 5%. Lister suggested this could prompt a 50-basis-point cut in the Reserve Bank’s official cash rate later this month.
Fisher & Paykel Healthcare, with operations in Mexico, rose 2.34% to $35.92 after a sharp drop the day before. Ebos Group hit a 30-month high, climbing 3.02% to $41, while Spark gained 2.46% to $2.92. Other notable performers included Bremworth, which surged 14.58% to $0.55 after resolving a $104.2 million insurance claim for Cyclone Gabrielle damage.
Briscoe Group rose 1.93% to $4.75 after reporting fourth-quarter sales of $245.3 million, up slightly from last year despite challenging retail conditions. Full-year sales totalled $791.5 million, though net profit is expected to fall below last year’s $84.2 million but exceed $66 million.
Vital Healthcare Property Trust decided against a dual-listed trust proposal due to market risks and expects a property revaluation loss of $66 million for the six months ending December.
Precinct Properties announced that PAG is acquiring the remaining stake in its Bowen St buildings in Wellington for $48 million.