The NZX 50 advanced 36 points, or 0.3%, to close at 13,618 on Friday, reversing early-session weakness and wiping out losses from the previous two days. Gains were led primarily by consumer staples and healthcare stocks.
Softer oil prices improved sentiment by easing inflation worries and lowering the perceived likelihood of an interest rate hike. Markets were also supported by waning concerns over a potential US Federal Reserve rate increase following the latest jobs report.
Domestic data added further support: New Zealand consumer confidence climbed to a three-month high in June, while business confidence rose to its strongest level since February. Even so, traders remained cautious ahead of next week’s RBNZ monetary policy decision, particularly in light of higher global oil prices through June.
Among individual names, A2 Milk gained 2.7%, Fletcher Building rose 2.4%, and Ebos Group added 2.3%, while Fisher & Paykel, Mainfreight, and Summerset Group each advanced 1.7%. For the week, the NZX 50 rose 0.9%, following a flat performance the week before.
