NZX 50 Poised for Second Straight Weekly Gain
The NZX 50 climbed 24 points, or 0.2%, to 13,857 in Friday morning trade, extending gains from the previous two sessions to reach its highest level since September 22. The index tracked a rise on Wall Street overnight as the tech selloff faded and Treasury yields eased. Fresh data also lifted sentiment, as New Zealand's factory activity growth accelerated in August. However, food inflation hit a three-month high, while electronic card spending continued to fall in September, capping the gains. Healthcare, consumer discretionary, and consumer staples stocks mainly supported the index, with notable gains from Fisher & Paykel (1.1%), South Port of New Zealand (1.1%), Infratil (1.0%), and EBOS Group (0.5%). For the week, the index is heading for a 0.8% rise, which would mark its second straight weekly increase.
The NZX 50 climbed 24 points, or 0.2%, to 13,857 in Friday morning trade, extending gains from the previous two sessions to reach its highest level since September 22. The index tracked a rise on Wall Street overnight as the tech selloff faded and Treasury yields eased. Fresh data also lifted sentiment, as New Zealand's factory activity growth accelerated in August. However, food inflation hit a three-month high, while electronic card spending continued to fall in September, capping the gains.
Healthcare, consumer discretionary, and consumer staples stocks mainly supported the index, with notable gains from Fisher & Paykel (1.1%), South Port of New Zealand (1.1%), Infratil (1.0%), and EBOS Group (0.5%). For the week, the index is heading for a 0.8% rise, which would mark its second straight weekly increase.