NZX 50 Ends 0.1% Lower, but Posts 2nd Weekly Gain

The NZX 50 fell 14 points, or 0.1%, to 13,811 on Friday, after being flat in the previous session, as a global bond sell-off amid a surge in US Treasury yields raised expectations of a Fed interest rate hike. Caution was also evident 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. 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. Financials, real estate, utilities, and communication services mainly weighed on the index, with notable losses from Delegat Group (-4.1%), Infratil (-2.1%), Brisco Group (-1.8%), Ventia Services (-1.5%), Fletcher Building (-0.8%), and F&C Investment (-0.7%). For the week, the index rose 0.5%, marking its second straight weekly gain.