18.09.202523:18:13UTC+00New Zealand Stocks Rise But Point to Weekly Decline

In Friday's morning trading session, the NXZ 50 advanced by 23 points, or 0.2%, reaching 13,143, a rebound from a two-week low hit earlier. This surge mirrored a positive overnight trading session on Wall Street, buoyed by the Federal Reserve's decision to cut interest rates and hint at two more reductions by year's end. Optimism was further bolstered by New Zealand Prime Minister Christopher Luxon's remarks, reaffirming his strong confidence in Finance Minister Nicola Willis and the country's economic growth trajectory. Economically, New Zealand's trade deficit narrowed in August compared to last year, though it surpassed expectations. Gains in communication services, utilities, and industrial sectors primarily fueled the index's rise, with significant contributions from F&C Investment (up 0.9%), Ebos Group (up 0.8%), ANZ Group (up 0.5%), Delegat Group (up 0.5%), and Auckland International Airport (up 0.4%). Nevertheless, the index is on track for a 0.6% decline this week, following a stagnant performance last week, impacted by lackluster GDP figures.