29.08.202505:53:39UTC+00NZX 50 Extends Gains, Ends Month Higher

New Zealand's leading S&P/NZX 50 index climbed by 0.2% to conclude at 12,931 on Friday, continuing a slight upward trajectory from the previous session and marking its fourth consecutive monthly gain. This rise was in line with Wall Street's overnight performance, buoyed by a revised increase in the US second-quarter GDP figures and robust earnings reported by AI chip titan Nvidia. Attention now turns to the upcoming US PCE inflation report, set to be released later today, for insights on the Federal Reserve's future interest rate decisions. In the corporate arena, utility stocks emerged as strong performers, with Meridian Energy advancing by 1.8%, Contact Energy by 1.2%, Mercury NZ by 0.9%, and Vector by 2.0%. Other significant risers included Spark NZ, with a 1.2% increase, Port of Tauranga up by 2.2%, Fletcher Building climbing 1.9%, Ryman Healthcare posting a 0.8% rise, and Summerset Group gaining 3.2%. Despite slipping 0.9% over the week, breaking a three-week winning streak, the index achieved a 0.8% increase for the month.