Broader NZ Market Ended in Red After Last Hour of Selling

February 10, 2022 10:30 PM NZDT

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More on: PaySauce Limited Sanford Limited

Broader NZ Market Ended in Red After Last Hour of Selling — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

On 10^th February 2022, the equity market in NZ gave up gains in the last hour of trade and closed in red primarily driven by selling across Industrials, Communications Services, Information Technology, and Health Care stocks, among others. In line with this, NZX 20 Index decreased 0.16% and NZX 50 Portfolio Index fell 0.12%. Notably, NZX All Materials witnessed a rise of 2.49% and NZX All Communications Services gained by 1.09%. While NZX All Industrials witnessed a decline of 0.66% and NZX All Information Technology decreased by 0.45%.

Performance of Indices:

NZX 50 Index closed at 12,413.05, which implies ~3.25% fall in 1-year. MidCap Index and SmallCap Index closed at 6,245.12 and 22,70866 points, respectively.

S&P/NZX 50 Index vs SmallCap Index vs MidCap Index – Performance Over One Year

Source: REFINITIV

Gainers and Losers:

PaySauce Limited (NZX: PYS) partnered with accounting software provider Reckon Limited (ASX: RKN) to substitute Reckon’s existing payroll product in New Zealand. As per the partnership, Reckon’s customers can now use PaySauce through a new integration with Reckon Accounts for payroll purpose.

Sanford Limited (NZX: SAN) released a first quarter update for 2022, wherein it witnessed improvements in sales volumes and prices for the period, in-line with its expectations. Sales volumes grew by 11% versus Q1 2021.