Are Defensive Stocks Gaining Strength on NZX?

2 min read | April 13, 2021 10:07 PM NZST | By Team Kalkine Media

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Are Defensive Stocks Gaining Strength on NZX?

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On April 13, 2021, S&P/NZX 50 Index opened marginally in a positive zone but gained momentum during early hour of trading and extended the trend higher to close at 12,656.42, up 1.10% (137.71 points). Further, the All Consumer Staples Index reported at 3,704.450, a jump of 2.64%, followed by rise in All Health Care Index by 2.28% to 3,334.680, and S&P/NZX All Utilities grew by 1.53% to 2,779.010.

Source: NZX

MidCap and SmallCap outperformed broader market: S&P/NZX 50 Index rose 24.58% in one year, while MidCap Index and SmallCap Index reported a growth of 32.76% and 74.94%, respectively, indicating strong resilience in the midcap and small-cap stocks over the period.

S&P/NZX 50 Index versus SmallCap Index versus MidCap Index – 1 Year Return

Source: EODHD/Others (Thomson Reuters)

Gainers: Pacific Edge Group (NZX: PEB) announced on April 9 that its Cxbladder cancer diagnostic tests are now covered by United Healthcare, which happens to be the largest healthcare group in the US. Contact Energy (NZX: CEN) purchased 100% shares in Western Energy Services. They have jointly developed innovative technology which has lowered the cost of Contact’s geothermal operations.

Losers: Sky Network Television (NZX: SKT) and NBCUniversal have signed an expanded multi-year deal for movies, drama, comedy, entertainment, reality, and news across broadcast channels, on demand and streaming. SkyCity Entertainment Group Limited (NZX: SKC) decided to permanently cease dealing with all junket operators, with immediate effect. It has decided to continue to operate International Business division under the revised operating model.

Source: EODHD/Others (Thomson Reuters)

Movements on Wall Street: On April 12, 2021, Dow Jones Industrial Average fell 0.16% to 33,745.40. Notably, NASDAQ Composite declined by 0.36% to 13,850.00.

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