The NZX 50 was little changed, closing at 13,495 on Friday after strengthening in the morning session, as gains in energy and technology stocks were offset by declines in materials and utilities. Easing oil prices further lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious after US PCE inflation hit a three-year high, raising expectations that the Fed will hold interest rates higher for longer. Traders also anticipated New Zealand’s consumer and business confidence data due next week, as well as China’s PMI data and US jobs data for June. Freightways Group surged 4.3%, Channel Infrastructure rose 1.3%, and Ebos Group gained 1.0%, while Turners Automotive Group, Westpac Banking Corp, and Vulcan Steel fell 2.3%, 1.9%, and 1.6%, respectively. For the week, the index was flat after rising for the previous two weeks.

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