NZX 50 Ends 0.7% Lower but Posts 2nd Weekly Gain

The NZX 50 fell 95 points, or 0.7%, to close at 13,175 on Friday, erasing gains from the previous two sessions as fighting between the US and Iran flared, dampening hopes for an end to the conflict. The broader index retreated from its highest level since April 9, reached a day earlier, tracking a downbeat session on Wall Street overnight, with most sectors trading in the red, led by consumer staples. Caution was also built as investors anticipated the release of US jobs data later today, trade data from China scheduled for this weekend, and Chinese inflation data due next week to guide the economic outlook for both countries. Domestically, traders also await New Zealand's food inflation and manufacturing PMI data due next week. Among the worst performers were Westpac Banking Corp. (-4.3%), Ventia Services Group (-2.5%), A2 Milk (-2.2%), Port of Tauranga (-1.8%), and ANZ Group (-1.5%). For the week, the index rose 1.7%, marking a second consecutive weekly gain.

The NZX 50 dropped 62 points, or 0.5%, to 13,208 in Friday morning trading, halting gains from the previous two sessions and tracking a downbeat session on Wall Street overnight as traders awaited Iran's response to the latest US peace proposal. The broader index retreated from its highest level since April 9, reached a day earlier, amid renewed Middle East tensions, with almost all sectors trading in the red, led by energy. Caution was also built as investors anticipated the release of US jobs data later today, trade data from China scheduled for this weekend, and Chinese inflation data due next week to guide the economic outlook for both countries. Domestically, traders also await New Zealand's food inflation and manufacturing PMI data due next week. Among the biggest laggards were A2 Milk (-1.8%), Infratil (-1.7%), Briscoe Group (-0.9%), Fisher & Paykel (-0.4%), and Mainfreight (-0.4%). For the week, the index is heading for a 1.3% rise, marking a second consecutive weekly gain.

The NZX 50 rose 125 points, or 1.0%, to close at 13,271 on Thursday, extending gains from the previous session and tracking a rally on Wall Street overnight amid hopes of a potential end to the US-Iran war and solid AI stock earnings. The broader index hit its highest level since April 9, with almost all sectors trading in the green, including technology, financials, consumer staples, materials, and energy. Wednesday's unemployment data continued to lift sentiment, as the jobless rate unexpectedly declined to 5.3% in Q1. The latest figure was lower than both the previous quarter and market expectations of 5.4%, which had been the highest level since Q2 2015. Top performers included Gentrack Group (7.3%), Infratil (4.1%), A2 Milk (2.5%), Hallenstein Glasson (2.5%), Henderson Far East Income (2.4%), Ebos Group (2.3%), Westpac Banking Corp. (2.1%), Scales Corporation (2.0%), Contact Energy (1.1%), and ANZ Group (0.8%).