NZX 50 Extends Gains as Oil Prices Ease

New Zealand's stock market, represented by the NZX 50, posted a weekly gain of 29 points or 0.2% to reach 13,785 in Friday morning trade. This marks the third consecutive day of gains for the index, following a boost from Wall Street overnight. Easing oil prices and softer Treasury yields contributed to this positive trend.

The US Federal Reserve's decision to hike interest rates reaffirmed its commitment to containing inflation, further supporting market sentiment. New Zealand's GDP growth in Q2 was also stronger than expected, adding to the optimism.

However, investors are looking ahead to key economic indicators from China and the US, including Beijing's interest rate decision and US PMI data next week. These releases will provide crucial insights into the economic outlook for these major economies.

The NZX 50 was driven by gains in real estate, consumer discretionary, and financial sectors. Port of Tauranga led the charge with a 1% increase, followed closely by Chorus and Hallenstein Glasson at 0.8% each. Auckland International Airport also contributed to the growth with a 0.5% gain.