25.06.202622:57:40UTC+00NZX 50 Points to 3rd Straight Weekly Gain

The NZX 50 rose 22 points, or 0.2%, to 13,516 in Friday morning trade, extending the prior session’s gains and reaching its highest level since March 6. The advance was led mainly by consumer staples, materials, and communication services. Sentiment was further supported by easing oil prices, which helped temper inflation concerns and lowered the perceived risk of additional interest rate hikes.

Nonetheless, investors remained cautious after US PCE inflation climbed to a three-year high, reinforcing expectations that the Federal Reserve will keep interest rates elevated for longer. Markets also looked ahead to upcoming releases of New Zealand consumer and business confidence figures next week, alongside China’s PMI readings and US June jobs data.

Early movers on the upside included Vulcan Steel (up 1.9%), Contact Energy (1.2%), AFT Pharmaceuticals (0.8%), Chorus (0.6%), and ANZ Group (0.3%). For the week, the NZX 50 is on track for a 0.1% gain, which would mark its third straight weekly advance.