New Zealand Stocks End Week Flat

The NZX 50 was little changed, closing at 13,495 on Friday after strengthening in the morning session, as gains in energy and technology stocks were offset by declines in materials and utilities. Easing oil prices further lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious after US PCE inflation hit a three-year high, raising expectations that the Fed will hold interest rates higher for longer. Traders also anticipated New Zealand's consumer and business confidence data due next week, as well as China's PMI data and US jobs data for June. Freightways Group surged 4.3%, Channel Infrastructure rose 1.3%, and Ebos Group gained 1.0%, while Turners Automotive Group, Westpac Banking Corp, and Vulcan Steel fell 2.3%, 1.9%, and 1.6%, respectively. For the week, the index was flat after rising for the previous two weeks.

The NZX 50 climbed 22 points, or 0.2%, to 13,516 in Friday morning trade, extending gains from the previous session and marking its highest level since March 6, primarily buoyed by gains in consumer staples, materials, and communication services. Easing oil prices further lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious after US PCE inflation hit a three-year high, raising expectations that the Fed will hold interest rates higher for longer. Traders also anticipated New Zealand's consumer and business confidence data due next week, as well as China's PMI data and US jobs data for June. Among the early gainers were Vulcan Steel (1.9%), Contact Energy (1.2%), AFT Pharmaceuticals (0.8%), Chorus (0.5%), and ANZ Group (0.3%). For the week, the index is on track for a 0.1% gain, which would mark its third consecutive weekly advance.

The NZX 50 rose 92 points, or 0.7%, to close at 13,493 on Thursday, erasing losses from the previous three sessions, mainly boosted by gains in energy, healthcare, consumer staples, and communication services. The broader index tracked a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Fed's monetary policy decision at its upcoming meeting. A2 Milk surged 3.3% after declaring a USD 300 million special dividend for shareholders following the clearance of Chinese regulatory hurdles. Other gainers included Fisher & Paykel Healthcare (3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).