NZX 50 Index Surges on Global Bond Market Calm
New Zealand's S&P/NZX 50 index posted its biggest weekly gain since June after global bond markets settled down following renewed fighting in the Middle East. The dual-listed lenders ANZ Group Holdings and Westpac Banking Corp led the benchmark higher, with the NZX 50 climbing 128 points or 0.9% to 13,974.18.
Materials firms such as Fletcher Building, Vulcan Steel, and Steel & Tube Holdings rallied after Statistics New Zealand figures showed business construction activity in the June quarter was stronger than anticipated. Retailers were also broadly stronger as ANZ's internal card spending data was flat.
Serko posted the biggest gain on the week, up 9.9%, while Vulcan advanced 9% and Genesis Energy rose 6.9%. Summerset Group Holdings posted the steepest slide for the week, down 3.8%, while a2 Milk Co dropped 3.3% and Ebos Group dropped 3.1%.
Bremworth suitor David Ferrier formally lodged his partial takeover bid at 90 cents a share, having ruled out accepting a higher offer from rival Godfrey Hirst's parent. The kiwi dollar rose to 58.96 US cents at 5pm in Auckland from 58.63 cents yesterday.