NZX50 gains 1% this week as Infratil shines

New Zealand’s S&P/NZX 50 index rose for a second week, with the benchmark powered ahead by Infratil’s best week since December 2020, when AustralianSuper’s ill-fated takeover bid prompted investors to rethink their valuations on the stock.

A soft Friday session didn’t dent the weekly gain, with the NZX50 joining Asian markets lower after the US and Iran exchanged fire in the Persian Gulf, although President Donald Trump said the ceasefire was still in effect, describing the latest strikes as a trifle.

Westpac Banking Corp led the local index lower, with the lender shedding rights to an upcoming dividend payment, while power companies such as Meridian Energy weighed on the bourse.
And Reserve Bank figures showed renewed lending growth in March as the Middle East conflict flared up, with business loans climbing 51% from a year earlier and dairy farmers taking on more debt.

Rerating