NZX 50 Falls but Heads for 2nd Weekly Gain
The NZX 50 dropped 35 points, or 0.3%, to 13,789 in Friday morning trade, after being flat in the previous session, mainly weighed down by financials, utilities, and healthcare. Traders were cautious as high oil prices persisted amid ongoing Gulf shipping disruptions. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist. In the US, Wall Street was almost flat due to a surge in Treasury yields and increased expectations for a Fed interest rate hike. Traders also anticipated the release of China’s PMI data, New Zealand’s top trading partner, as well as the US PCE Index and jobs data due next week, which could provide clues about the Fed’s monetary policy decision at its upcoming meeting. Among the early losers were Meridian Energy (-1.5%), Westpac Banking Corp. (-1.2%), Ryman Healthcare (-0.8%), FC Investment (-0.7%), and Infratil (-0.5%). For the week, the index rose 0.4%, which would mark its second straight weekly gain.
3%, to 13,789 in Friday morning trade, after being flat in the previous session, mainly weighed down by financials, utilities, and healthcare. Traders were cautious as high oil prices persisted amid ongoing Gulf shipping disruptions. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist. In the US, Wall Street was almost flat due to a surge in Treasury yields and increased expectations for a Fed interest rate hike.
Traders also anticipated the release of China’s PMI data, New Zealand’s top trading partner, as well as the US PCE Index and jobs data due next week, which could provide clues about the Fed’s monetary policy decision at its upcoming meeting. 5%), Westpac Banking Corp. 5%). 4%, which would mark its second straight weekly gain.