The NZX 50 climbed 52 points, or 0.4%, to close at 13,723 on Friday, reversing early losses and reaching its highest level in six weeks. Gains were led by technology services, logistics, and retail stocks. It was the benchmark’s second consecutive daily advance, as investors largely looked past a sharp decline in U.S. futures following Thursday’s weakness on Wall Street, where the S&P 500 and Nasdaq fell in the wake of Nvidia’s earnings.
New Zealand equities also recorded a second straight weekly gain and a solid monthly rise of 2.2%. Sentiment was underpinned by expectations that the Reserve Bank will maintain a dovish policy stance, supported by a manageable inflation outlook and signs of improving economic output after years of stagnation.
Attention now turns to February PMI data from China, New Zealand’s largest trading partner, due next week. Local Chinese media have reported a steady pickup in consumer spending over the Spring Festival holiday, adding to hopes of more resilient demand.
Among the top performers on the day were T&G Global, up 4.3%; Hallenstein Glasson, up 3.4%; Millennium & Copthorne Hotels, which gained 3.0%; and Seeka Ltd., up 2.4%.
