Shares in New Zealand recorded their biggest one-day rise since 2001 on Thursday after the country’s central bank cut interest rates for the first time in five years.

The NZSX-50 climbed 2.7 per cent to 3,287.23, its highest level since June 26. Just last month, the index fell to its lowest since December 2005 amid fears that the economy was poised to enter a recession.