New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to close at 12,767 on Friday, tracking a strong overnight performance on Wall Street’s overnight after a better-than-expected jobs report reduced expectations for a Federal Reserve rate cut in July.
Trade developments also remained in focus ahead of the July 9 deadline for implementing reciprocal tariffs. President Donald Trump announced Thursday that letters detailing tariff rates on imports to the US would begin being sent out on Friday, signaling a shift from earlier pledges to negotiate individual trade deals. On the corporate front, notable gains were seen from Infratil (3.1%), a2 Milk (1.4%), Fletcher Building (1.65%), and Summerset Group (2.7%. For the week, the NZX 50 gained 1.45%, notching its third consecutive weekly advance.
