New Zealand Stocks Reverse Early Gains, End at Near 8-Month Low

The NZX 50 rose 113 points, or 0.9%, to close at 12,991 on Friday, rising for a second straight session and reaching its highest level since May 14, while tracking gains in US futures as oil prices eased amid hopes of a US-Iran deal to end the war. Fresh data also lifted sentiment, as New Zealand’s retail sales grew more than expected in Q1, following Thursday’s data showing the trade surplus reached a record high, with exports climbing to an all-time high. However, traders remained focused on the RBNZ’s monetary policy decision due next week, with markets expecting the central bank to keep interest rates unchanged. Almost all sectors traded in the green, led by energy, followed by industrials and healthcare. Among the top performers were Ryman Healthcare (6.3%), Summerset Group (5.3%), Mainfreight (4.3%), Westpac Banking Corp (2.0%), Freightways (1.2%), and ANZ Group (0.9%). For the week, the index rose 0.2% after declining in the previous week.

The NZX 50 climbed 40 points, or 0.3%, to 12,918 in Friday morning trade, rising for a second straight session and tracking overnight gains on Wall Street as oil prices eased amid hopes of a US-Iran deal to end the war. Fresh data also lifted sentiment, as New Zealand’s retail sales grew more than expected in Q1, following Thursday’s data showing the trade surplus reached a record high, with exports climbing to an all-time high. However, traders remained focused on the RBNZ’s interest rate decision, as well as the first estimate of US GDP and the PCE price index due next week. Healthcare, consumer discretionary, industrials, and materials stocks drove the index higher, with notable gains from Fisher & Paykel (1.6%), Auckland International Airport (0.9%), Henderson Far East Income (1.0%), Summerset Group (0.8%), and Hallenstein Glasson (0.5%). For the week, the index fell 0.4%, marking what would be its second straight weekly decline, amid uncertainty surrounding US-Iran talks.

The NZX 50 rose 117 points, or 0.9%, to close at 12,878 on Thursday, reversing morning weakness and snapping losses from the previous session after hitting its lowest level since March 30 a day earlier. The broader index tracked gains on Wall Street overnight as inflation concerns eased after US President Trump stated that a deal with Iran could come soon, while Nvidia recorded earnings above expectations. Fresh data also lifted sentiment, as New Zealand's trade surplus reached a record high, with exports climbing to an all-time high. However, traders remained cautious ahead of the release of New Zealand's retail sales data on Friday, with the market expecting quarterly retail sales growth to ease in Q1. Financials, industrials, and technology drove the index higher, with notable gains from AFT Pharmaceuticals (7.7%), Infratil (4.0%), Port of Tauranga (3.4%), Fletcher Building (2.7%), Freightways Group (2.1%), ANZ Group (1.6%), Westpac Banking Corp. (1.3%), and Fisher & Paykel (1.0%).