NZX 50 almost flat for the week as lower rate outlook offsets energy gloom

New Zealand’s S&P/NZX 50 index snapped two weekly gains to end the week fractionally lower as Freightways and Fletcher Building rallied on the prospect of slower rate hikes and a weak kiwi dollar buoyed exporter a2 Milk Co, offsetting declines for out-of-favour power companies that followed lower oil prices.

The New Zealand dollar touched a fresh seven-month low as ASB Bank joined Westpac NZ in predicting the Reserve Bank will refrain from hiking the official cash rate next month, and as separate data showed the central bank was a net seller of the kiwi last month.

The local benchmark bucked a broader decline across Asia on Friday, after Apple’s price hike and reports that OpenAI might push out its initial public offering to next year added more cause for concern about the tech sector, with Freightways leading the benchmark higher in its heaviest trading day since October 2024.

And Tourism Holdings reversed earlier gains after Forsyth Barr raised its odds for a successful takeover of the rental campervan operator, following a subdued outlook by US motorhome maker Winnebago.