FX.co ★ New Zealand Stocks Rebound

On Friday, New Zealand's leading S&P/NZX 50 index experienced a slight uptick of 0.2% to close at 13,599, recuperating from the previous day's dip. This rise was predominantly led by utility and healthcare sectors. Utility stocks made a notable recovery after Thursday's decline, with Meridian Energy climbing by 0.3%, Contact Energy by 0.85%, Mercury NZ by 0.6%, and Genesis Energy by 1.2%. In the healthcare sector, Fisher & Paykel, a medical device manufacturer, saw an increase of 0.9%, and pharmaceutical distributor Ebos Group rose by 1.4%. The aged-care sector also contributed with Ryman advancing by 0.3%, Oceania jumping by 2.5%, and Summerset Group by 1.0%. However, some gains were counterbalanced by the ongoing decline in telecommunications, with Spark NZ continuing its downward trend, decreasing by 2.1%. Over the week, the NZX 50 index grew by 0.4%, marking its third consecutive weekly gain. This progress was bolstered by predictions of further policy relaxation from the Reserve Bank of New Zealand, with market participants fully anticipating a 25 basis point rate cut later in the month, following a disappointing employment report.