NZX 50 Posts Best Daily Gain in Nearly Two Months
New Zealand's S&P/NZX 50 index rose 1.2% to 13,292, marking its best daily gain since early August and the fifth consecutive monthly increase. The rise was driven by an 11.4% jump in consumer services, particularly Restaurant Brands, which surged over 65% after receiving a takeover notice from Finaccess Restauración. Other sectors, including financials, also saw gains. However, concerns over a potential US government shutdown and mixed Chinese PMI data added to global uncertainty.
New Zealand's benchmark S&P/NZX 50 index rose 1.2% to close at 13,292 on Tuesday, marking its best daily gain since early August and the fifth consecutive monthly increase.
The index was driven by a sharp 11.4% jump in consumer services, led by Restaurant Brands, which surged over 65% to a record intraday high—its highest level since mid-August 2023—after NZ’s KFC operator received a takeover notice from Finaccess Restauración, S.L., signaling the Spanish firm’s intent to buy all remaining shares.
Other sectors were also mostly in the green, including heavyweight financials, with Westpac Banking and ANZ Group up 1.5% and 1.6%, respectively.
Meanwhile, concerns over a potential US government shutdown added to global uncertainty, while mixed Chinese PMI data offered little support given New Zealand’s trade ties with China.
