FX.co ★ New Zealand Shares Set for Modest Weekly Gains

On Friday, New Zealand's stock market saw an upward movement, with the index climbing by 57 points, or 0.5%, to reach 12,206. The index touched its lowest point since early April during the morning trade but managed to advance for the second consecutive session. Almost all sectors experienced growth, with utilities leading the charge. The market atmosphere was optimistic, as the index was on track for a weekly increase of about 1.6%. This positive trend was attributed to a reduction in trade war concerns, following indications from Washington of potential agreements with India, Japan, and South Korea, alongside a hopeful outlook on a deal with China. The NZX 50 mirrored gains observed on Wall Street, propelled by strong performances in the tech sector. However, traders are keeping an eye on the upcoming release of New Zealand's unemployment figures for the first quarter of 2025, following a rise in the previous quarter to levels not seen since the third quarter of 2020. In terms of economic data, building permits in New Zealand saw a robust expansion of 9.6% in March 2025, marking the most significant growth in eight months. Early gainers included Mainfreight, which rose by 6.6%, Auckland International Airport by 1.7%, Fonterra by 1.4%, and ANZ Group by 0.9%.