04.09.202523:03:21UTC+00New Zealand Stocks Set to Close Week on High Note

Equities in New Zealand advanced by 34 points, or 0.3%, to reach 13,168 in early trading on Friday, building on gains from the day before and marking their highest point in a fortnight. The NZX 50 mirrored an upward trend witnessed on Wall Street on Thursday, following new labor statistics that have heightened anticipation for a possible interest rate cut by the Federal Reserve this month. Investors are keenly awaiting the US jobs report, set for release later today, which could bolster the rationale for a rate reduction ahead of the central bank's policy meeting on September 17. Nonetheless, these gains were tempered by apprehension about upcoming data releases from China next week—New Zealand's largest trading partner—with markets particularly focused on trade and consumer price figures. The energy, consumer discretionary, and communication services sectors were the primary contributors to the index's overall growth. Among the early gainers were AFT Pharmaceuticals with a 1.9% rise, Mercury NZ increasing by 1.7%, Ebos Group up by 1.6%, and Delegat Group with a 0.9% uptick. For the week, the index is poised to register a 1.8% increase after a decline the previous week.