FX.co ★ NZX 50 Ends at 2-Week High, but October Losses Persist

The NZX 50 rose 87 points, or 0.6%, to close at 13,797 on Friday, extending a two-session winning streak as traders built on momentum after both the RBNZ and the Federal Reserve left interest rates unchanged. Sentiment was further supported by moderating oil prices, which eased inflation concerns and tempered expectations of imminent rate hikes.

Upside was constrained, however, by signals that the RBNZ could raise rates at its December meeting as it continues efforts to rein in inflation. Markets are currently pricing in a 76% probability of a December hike. Gains were also capped by the latest data showing consumer confidence slipping to a four-month low, weighed down by elevated fuel costs.

The benchmark index reached its highest level since October 15, underpinned by strength in real estate, communication services, and energy stocks. Notable movers included Chorus (+2.6%), EBOS Group (+2.0%), A2 Milk (+1.7%), and Ventia Services (+1.7%).

Over the week, the NZX 50 advanced 0.5%, but it declined 0.3% for the month, marking a second consecutive monthly loss.