US-Iran tensions dent strong week for NZX50
New Zealand’s S&P/NZX 50 index capped off a strong week on a sour note, as the prospect of a US military strike against Iran sapped investors’ appetite for riskier assets, stoking a rally in gold prices and bonds and pushing up oil prices.
Meanwhile, Reserve Bank governor Anna Breman continued to press the message that the economy has scope to recover while inflation returns to the central bank’s target in an increasingly volatile global environment.
The a2 Milk Co and Sanford notched up the biggest weekly gains on the NZX50 as a softer kiwi dollar bolsters the value of their export receipts, with the infant formula providing an extra tailwind to its strong first-half result.
The domestic earnings season continued today with lines company Vector’s dividend coming in lighter than analysts had expected, while property developer Winton Land continued to hold back cash distributions in the tepid housing market.
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