NZX 50 Rises but Heads for Flat Weekly Close

The NZX 50 advanced 41 points, or 0.3%, to 13,404 in Friday morning trade, erasing losses from the prior session, tracking a rally on Wall Street overnight as a US-Iran peace deal offset worries about a Fed rate hike this year. Thursday’s data continued to lift sentiment as New Zealand’s GDP growth accelerated to 0.8% qoq in Q1, while annual growth held steady at 1.5%. However, the latest data also capped gains, as New Zealand’s trade surplus narrowed in May from the same month last year, with exports rising less than imports. Traders also anticipated the release of the US final Q1 GDP data and the May PCE Price Index due next week. Consumer discretionary, utilities, healthcare, and consumer staples stocks mainly drove the index, with notable gains from Freightways Group (2.3%), Henderson Far East Income (1.4%), A2 Milk (1.3%), Ebos Group (0.9%), Fisher & Paykel (0.6%), and ANZ Group (0.5%). For the week, the index is heading for a flat finish.
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