26.06.202523:18:07UTC+00New Zealand Stocks Rise But Point to Weekly Decline

New Zealand's stock market opened on a positive note Friday, with the NZX 50 index rising by 18 points, equivalent to a 0.2% increase, reaching 12,498. This marks the second consecutive session of gains, following a buoyant trading period on Wall Street the previous night. Factors contributing to this optimism include easing geopolitical tensions, heightened expectations for an interest rate reduction, and strong performance in the technology sector. Additionally, recent domestic data boosted market sentiment, as consumer confidence in New Zealand surged to its highest level in six months, driven by improvements across various components. Investors, however, are keenly awaiting the upcoming release of Chinese PMI data and New Zealand's business confidence figures. The index was primarily propelled by advances in the materials, energy, and utilities sectors, with notable performances by Meridian Energy, which rose 1.8%, Colonial Motor and ANZ Group, both increasing by 1.2%, Vulcan Steel by 0.9%, and Westpac Banking Corporation by 0.5%. Despite these gains, the index is on track for a weekly decline of 0.5%, reversing some of the progress made the previous week, amidst persevering concerns over the geopolitical tensions in the Middle East.