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Market Update: New Zealand Shares Close Little Changed for the Week
The NZX 50 added 10.73 points or 0.09% to 12551.93 on Friday, following declines of 0.32% in the previous session and closing little changed for the week. Risk sentiment remained subdued after the U.S. Federal Reserve indicated a sooner-than-expected tightening in its monetary policy meeting earlier in the week. Local 10-year bond yields were at 1.794% while US 10-year rates held at 1.518%. Among stocks, A2 Milk posted the biggest gains, up 6.3% to $6.75, while Synlait posted the second-biggest gain, up 5.5% to $3.81 as investors were buoyed by an announcement on Friday from Bubs Australia that it would start selling its infant formula in the United States from September through Walmart and Amazon. Among data, New Zealands GDP expanded 1.6% on quarter in the three months to March 2021, beating market expectations of a 0.5% gain. [/s2If]
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