FX.co ★ New Zealand Stocks Rise But Point to Weekly Decline

The NZX 50 index advanced by 24 points, or 0.2%, reaching 12,079 around midday on Friday, building on gains from the prior session. This upward momentum was bolstered by sectors such as financials, consumer discretionary, and communication services. Market sentiment improved, driven by the ongoing recovery of New Zealand's economy, which fueled expectations of potential interest rate cuts due to a consistent decline in inflation. Despite this positive trend, gains were limited following a negative session on Wall Street the previous night, as investors evaluated the Federal Reserve's economic forecasts, which highlighted rising inflation and a downgrade in economic growth predictions. On the domestic front, New Zealand's trade balance recorded a surplus in February, reversing a previous deficit from the same month last year. Notable early risers included Turners Automotive Group, up by 3.0%, Infratil at 2.3%, Freightways Group at 1.4%, Fonterra and Port of Tauranga both at 1.4% and 1.3% respectively, A2 Milk at 0.7%, and Mainfreight at 0.8%. For the week, the index is on track to decline by approximately 1.5%, marking the fifth consecutive week of losses due to uncertainty stemming from Trump's trade tarrifs.