New Zealand's benchmark S&P/NZX 50 index rose 0.3% to close at 13,568 on Wednesday, its highest closing level on record, after the Reserve Bank surprised markets with a larger-than-expected rate cut and signaled further reductions. The RBNZ slashed its official cash rate by 50bps to 2.50%, the lowest since July 2022, saying the outsized cut was necessary to revive a weakened economy. Since August 2024, the central bank has lowered rates by a total of 300bps, and with inflation remaining within its 1%–3% target range, policymakers still have room to ease policy further. Sector performance was broadly positive, with notable strength in utilities, property, and consumer services. Among energy providers, Meridian (+2.8%), Mercury NZ (+1.5%), Genesis (+1.65%), and Vector (+2.8%) posted solid gains. Consumer services were buoyed by SkyCity Entertainment (+5.0%). Also, Property for Industry (+3.15%), Stride Property (+2.7%), Kiwi Property (+0.9%), and Argosy Property (+0.8%) advanced.