NZX rises 0.2% weekly gain; sectors lift as Fed hike bets ease
New Zealand shares close up 29 points, or 0.2%, at 13,854, reversing morning weakness and posting a second consecutive weekly gain of 0.2% as Wall Street-linked Fed-hike bets eased and oil prices moderated.
New Zealand's stocks rose 29 points, or 0.2%, to close at 13,854 on Friday, reversing morning weakness and extending gains from the previous session, tracking a rise on Wall Street overnight as bets on a Fed interest rate hike at the September meeting eased following soft inflation data.
Moderating oil prices also lifted sentiment as inflation concerns eased and expectations grew that the RBNZ would slow the pace of monetary policy tightening.
The latest data also supported sentiment, as New Zealand's factory activity grew for the 21st consecutive month in July, though at a softer rate.
However, traders were cautious ahead of food inflation data and China's interest rate decision due next week.
Energy, tech, consumer discretionary, and industrials mainly drove the index, with notable gains including Colonial Motor (9.2%), ANZ Group (1.6%), Henderson Far East Income (1.2%), and Mainfreight (1.1%).
For the week, the index rose 0.2%, marking the second consecutive weekly gain.