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New Zealand Shares Rise; Fonterra Co-operative Group Appoints Elisa Giusti Chief Growth, Strategy Officer

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New Zealand shares ended higher on Friday as Asian equities rallied on hopes that a Middle East peace deal is finally taking shape.

The S&P/NZX 50 Index rose 1.45%, or 191.71 points, to close at 13,393.87.

On Thursday, the Nasdaq Composite rose 2.5%, the S&P 500 increased by 1.8%, and the Dow Jones lifted 1.9%.

President Donald Trump said Thursday a deal between the United States and Iran could be signed as early as this weekend, potentially reopening the Strait of Hormuz to shipping. However, Tehran said no final decision had been reached, according to a Thursday Reuters report.

Investors will also be keeping an eye on SpaceX's initial public offering, which is set to be the biggest market debut yet, after raising $75 billion and gaining a valuation of $1.77 trillion.

In domestic news, manufacturing in New Zealand edged lower in May as the sector struggled with weakening customer demand, higher fuel prices, and global uncertainty from the Middle East conflict, BusinessNZ said.

Also, property prices in the US and Mexico are more affordable than in New Zealand, according to a FIFA World Cup-inspired comparison published by Trade Me.

In corporate news, Fonterra Co-operative Group (NZE:FCG) appointed Elisa Giusti as chief growth and strategy officer, effective June 15.

Ebos Group (ASX:EBO, NZE:EBO) unit Pet Care Distributors' proposed deal to acquire Paringa Pet Foods is under a phase one review by the Australian Competition and Consumer Commission (ACCC).

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