NZX 50 Ends Week Up 1.8%

The NZX 50 rose 192 points, or 1.5%, to close at 13,394 on Friday, erasing losses from the previous session and rebounding from its lowest level in over two weeks, reached a day earlier, with most sectors trading in the green, led by consumer staples stocks. The consumer staples sector surged 6.7%, mainly supported by a jump in A2 Milk shares, which rose 10.5%. The broader index hit its highest level since March 6, tracking a rally on Wall Street on Thursday amid easing tensions in the Middle East. However, the latest data capped gains as New Zealand’s manufacturing sector contracted for the first time in 11 months in May, amid rising oil prices. Traders also anticipated next week’s release of New Zealand’s Q1 GDP data and the Fed’s monetary policy decision. Other notable gainers included Ebos Group (3.6%), Turners Automotive Group (2.3%), Fisher & Paykel Healthcare (1.7%), and Mainfreight (1.6%). For the week, the index gained 1.8%, after falling in the prior week.
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