Buying in Materials and Utilities Stocks, Pulled NZX 50 Up

On April 23, 2021, NZX 50 started the session in a positive note as some buying was witnessed. However, as the session progressed, some profit booking was seen. Finally, NZX 50 managed to end the trading session in green with rise of 0.58% to 12,650.64. On the same day, NZX 20 and NZX 10 increased by 0.69% and 0.62%, respectively.  

Data Source: NZX, Table Source: Kalkine Media Pty Ltd

MidCap and SmallCap Outperformed Broader Market:

The broader market, S&P/NZX 50 Index, stood at 12,650.64, which implies 21.10% increase in the span of 1 year. However, MidCap Index and SmallCap Index claimed at 6,224.34 and 21,837.00 points, respectively, outperforming the NZX 50 as well as posting the growth of 28.10% and 73.16%, respectively. Therefore, it can be said that MidCap and SmallCap stocks have shown resilience.

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

Source: Refinitiv (Thomson Reuters)

 

Gainers:

Just Life Group (NZX: JLG) announced the acquisition of About Health, which happens to be a part of its acquisition strategy in the ‘healthy living’ as well as ‘healthy homes’ sectors. Notably, the purchase price amounted to be as $17 million that would be financed via the combination of new as well as existing debt facilities and an equity raising. The acquisition is unconditional. There are expectations that it would be completed on 30th April 2021.

Data Source: NZX, Table Source: Kalkine Media Pty Ltd

Movements on Wall Street:

On April 22, 2021, Dow Jones Industrial Average fell by 0.94% to 33,815.90. However, NASDAQ Composite declined by 0.94% to 13,818.41.

Also Read: Is New Zealand Stocks Following Wall Street Gains?

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