New Zealand Stocks Muted But Heads for Weekly Gains
The NZX 50 index remained stable around 13,375 in early trading, with traders anticipating upcoming local data on consumer and business sentiment. Despite mixed performances in various sectors, the market is poised for its first weekly gain in three weeks, up approximately 0.9%. Key stocks like Sky Network TV and Serko Ltd. saw increases, while T&G Global and Channel Infrastructure experienced declines. Investors are also keeping an eye on global trade developments, including a meeting between President Trump and Chinese leader Xi Jinping.
The NZX 50 was little changed at around 13,375 in early Friday trade, after strength in the prior session.
Traders await local data next week on consumer and business sentiment for October in New Zealand, following a weak consumer mood in September and a subdued business outlook.
Investors also monitored global trade developments after the White House confirmed a meeting between President Trump and Chinese leader Xi Jinping later this month, alongside another round of high-level trade talks set for this weekend at the 47th ASEAN Summit.
Gains in producer manufacturing and industrial services were offset by losses in energy minerals and logistics.
Still, markets are on track to post their first weekly rise in three, up about 0.9% so far, helped by optimism that the U.S. Fed will cut interest rates at its upcoming meetings.
Sky Network TV rose 3.0%, Serko Ltd. added 1.9%, and Ebos Group was up 1.2%, while T&G Global (-2.6%), Channel Infrastructure (-2.3%), and South Port NZ (-1.6%) fell.
