FX.co ★ New Zealand Stocks Dip but Log Weekly Gains

The NZX 50 index experienced a decline of 39 points, equivalent to 0.3%, reaching 13,413 during Friday's morning session. This drop interrupted a rally that had spanned the previous four sessions, primarily due to downturns in the industrials, consumer staples, technology, and utilities sectors. Market participants remain vigilant regarding potential impacts of a U.S. government shutdown, while also anticipating the release of the U.S. employment report scheduled for later today. Moreover, there is cautious anticipation of New Zealand's Business PMI data for September, expected next week, particularly after a decrease in August's figures. Despite these concerns, expectations of a 25 basis point interest rate cut by the Reserve Bank of New Zealand (RBNZ) next week helped limit the index's decline. Additionally, a positive trading day on Wall Street on Thursday, bolstered by gains in technology stocks, helped prevent further losses in the broader index. Early decliners included Colonial Motor with a 1.9% drop, Meridian Energy at -1.4%, Auckland International Airport down 1.3%, and A2 Milk sliding 1.0%. Nonetheless, for the week, the index is on track for a 2.1% increase, recovering from the losses recorded in the prior week.