{"id":473310,"date":"2026-06-12T06:50:07","date_gmt":"2026-06-12T06:50:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/473310\/"},"modified":"2026-06-12T06:50:07","modified_gmt":"2026-06-12T06:50:07","slug":"nz-stocks-rally-before-spacex-debut-as-gulf-tensions-ease-market-close","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/473310\/","title":{"rendered":"NZ stocks rally before SpaceX debut as Gulf tensions ease \u2013 Market close"},"content":{"rendered":"

Brent crude prices came back to US$89.30 a barrel \u2013 their lowest point in two months \u2013 on the announcement, and US 10-year bond yields dropped back by about 10 basis points to 4.47%.<\/p>\n

Solly said bond markets were responding to the possibility of lower inflation if a resolution is achieved and oil prices continue to subside.<\/p>\n

\u201cAll eyes will be on SpaceX<\/a> \u2013 will it be a bit of a rocket or is it a fizzer?<\/p>\n

\u201cWe\u2019ve seen markets become a little more volatile in the last week or as people have in some cases sold down other assets to try and fund their investment or potential investment in SpaceX.<\/p>\n

\u201cWe\u2019ve certainly seen some of that taper off as people have gotten closer to their allocations or understanding what they\u2019re going to get.<\/p>\n

\u201cThe New Zealand market is obviously less impacted by that, but nonetheless there is a little bit of SpaceX fever, which is causing some big swings in markets.\u201d<\/p>\n

In the US, the New Zealand-founded Rocket Lab<\/a> finished at US$114.78 ($197.67), up 9.26%, on being included in the Nasdaq-100 index, effective from June 22.<\/p>\n

Domestically, the BNZ \u2013 BusinessNZ Performance of Manufacturing Index (PMI) contracted slightly in May to 49.9, down from 50.4 in April and 52.8 in March.<\/p>\n

The long-term average for the index is 52.5.<\/p>\n

The data follows a string of weaker second-tier data this week.<\/p>\n

\u201cThe PMI was not as bad as some of us feared, but it still points to a stall of the New Zealand economy in this second quarter after a really solid first quarter,\u201d Solly said.<\/p>\n

A2 Milk<\/a>, which has been under pressure in recent weeks, ended up 69c or 10.49% higher at $7.27.<\/p>\n

Solly noted investment house Jarden had moved its a2 Milk recommendation to \u201cneutral\u201d from \u201csell\u201d.<\/p>\n

He also said short-selling interest in the stock looked to have dried up, and that the production outlook for Synlait \u2013 a2 Milk\u2019s sole supplier of infant formula \u2013 had improved.<\/p>\n

Fisher & Paykel Healthcare \u2013 the market\u2019s biggest stock \u2013 closed 67c or 1.73% higher at $39.45.<\/p>\n

The power generators had a good day, with Meridian firming 5c to $5.95, Contact gaining 8c to $9.55, Mercury up 20c at $6.96 and Genesis up 2c at $2.59.<\/p>\n

In aged care, Oceania gained 4c to 74c and Ryman rose 3c to $2.30.<\/p>\n

Medical supplies distributor Ebos gained 75c to $21.41, while its Australian competition, Sigma, weakened in late ASX trading.<\/p>\n

Solly said moves in both stocks could reflect some selling out of Sigma in favour of Ebos as investors opt to get exposure to the Australian and New Zealand pharmaceutical distribution space through the latter.<\/p>\n

Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our\u00a0Business newsletter<\/a>\u00a0\u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"Brent crude prices came back to US$89.30 a barrel \u2013 their lowest point in two months \u2013 on…\n","protected":false},"author":2,"featured_media":473311,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1443,534,126759,806,9218,651,35142,4480,8449,30699,28063,9832,13484,16609,225,220,111,43,139,69,29432,17398,16237,30248,39023,1125,1503,643,10115,701,80],"class_list":["post-473310","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-about","tag-amid","tag-anticipation","tag-as","tag-before","tag-close","tag-debut","tag-drive","tag-ease","tag-gulf","tag-heightened","tag-helped","tag-higher","tag-iran","tag-market","tag-markets","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-optimism","tag-possible","tag-rally","tag-renewed","tag-sense","tag-sharemarket","tag-spacex","tag-stocks","tag-tensions","tag-tomorrow","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/473310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=473310"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/473310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/473311"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=473310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=473310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=473310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}