NZX50 ekes out weekly gain as Serko shakes off gloom, Vista signs new customers

New Zealand’s S&P/NZX 50 index rose this week as tech duo Serko and Vista Group International found favour among investors, while Infratil continued to advance amid renewed optimism about artificial intelligence having cashed up some of its stake in Contact Energy.

Tower was the biggest laggard of the week in its sharpest decline in almost nine years as its first-half earnings sank from a strong prior year, prompting analysts to revise down their outlook for the general insurer.

The NZX50 closed out the week on an upbeat note as Oceania Healthcare’s record result helped it enjoy its best day in almost two years, while Mainfreight drove the index as oil prices eased amid progress on the Middle East peace talks.

And retailers had a mixed response to Statistics New Zealand’s stronger-than-expected consumer spending figures for the first three months of the year, with economists warning the pain from the energy shock is still to come.