NZX 50 Set to Close Week on High Note

The NZX 50 climbed 54 points, or 0.4%, to 13,256 in Friday morning trade, erasing losses from the previous session and rebounding from its lowest level in over two weeks, reached a day earlier, tracking a rise on Wall Street overnight amid easing tensions in the Middle East and a rally in tech shares. Almost all sectors traded in the green, including financials, energy, and materials. However, the latest data capped gains as New Zealand's manufacturing sector contracted for the first time in 11 months, amid rising oil prices due to the Middle East conflict. Traders also anticipated the release of New Zealand's Q1 GDP and May trade balance data, as well as the Fed's monetary policy decision next week. Among early gainers were Infratil (1.6%), Contact Energy (1.1%), A2 Milk (0.8%), Ebos Group (0.7%), and Mainfreight (0.4%). For the week, the index rose 0.3%, after falling in the previous week.

The NZX 50 fell 51 points, or 0.4%, to close at 13,202 on Thursday, halting gains from the previous two sessions and marking its lowest level in over two weeks, after retreating from its highest level since May 7, reached a day earlier. The broader index tracked a downbeat session on Wall Street Wednesday as escalating tensions in the Middle East drove oil prices higher. Concerns over the US May inflation figure also pressured sentiment, as inflation accelerated to its highest level in three years in May, reinforcing expectations that the Fed will hold interest rates steady for longer. Investors remained wary ahead of the release of New Zealand's business PMI for May, due on Friday, after the index recorded its slowest growth in seven months in April. Financials, materials, and industrials stocks mainly weighed on the index, with notable losers including Infratil (-1.9%), Mainfreight (-1.8%), Ebos Group (-1.2%), Fletcher Building (-1.0%), and Westpac Banking Corp. (-0.9%).

The NZX 50 fell 45 points, or 0.3%, to 13,208 in Thursday morning deals, erasing gains from the previous two sessions and retreating from its highest level since May 7, reached a day earlier, tracking a fall on Wall Street overnight as renewed tensions in the Middle East drove oil prices higher. US inflation data also pressured sentiment, as inflation accelerated to its highest level in three years in May, reinforcing expectations that the Fed will hold interest rates steady at its upcoming meeting. Investors remained wary ahead of the release of New Zealand's business PMI for May, due on Friday, after the index recorded its slowest growth in seven months in April. Most sectors traded in the red, including financials, healthcare, and utility stocks. Among early losers were Mainfreight (-1.5%), Fisher & Paykel Healthcare (-0.9%), Freightways Group (-0.8%), ANZ Group (-0.7%), Infratil (-0.5%), and Ebos Group (-0.4%).