NZX50 gains 2.2% this week as US-Iran peace talks keep markets on edge

New Zealand’s S&P/NZX 50 index snapped a four-day rally on Friday to end the week up 2.2%, with investors waiting for the substantial US-Iran peace talks to begin this weekend as President Donald Trump attempts to keep Israel’s attacks on Lebanon from derailing the ceasefire.

The local benchmark was one of the weaker markets during the Asian trading session on Friday, with Gentrack leading the NZX50 lower amid the renewed scepticism about the business models of software-as-a-service companies, while heavyweight Fisher & Paykel Healthcare was a drag on the day.

News flow was light ahead of US corporate earnings season, with Goldman Sachs kicking off the bank reporting on Monday, while the latest Bank of New Zealand-BusinessNZ performance of manufacturing index showed industrial activity kept expanding in March, albeit at a slower pace.

And Michael Hill International dipped in its heaviest day of trading since September 2020.