On May 14, 2020, S&P/NZX50 ended the session in red as the index witnessed a fall of 0.41% on an intraday basis to 10,745 while S&P/NZX20 encountered a fall of 0.52% to 7,256. On the same day, S&P/NZX10 ended at 11,298 which implies a fall of 0.35%.

S&P/NZX All Materials index witnessed a rise of 5.59% while S&P/NZX All Utilities encountered a fall of 1.59% on May 14, 2020.

We would now have a look at the performance of individual stocks. Fletcher Building Limited (NZX: FBU) and Pushpay Holdings Limited (NZX: PPH) ended the session in green as these stocks witnessed a rise of 5.94% and 4.58%, respectively on an intraday basis. On the other hand, Comvita Limited (NZX: CVT) ended the session in red as the stock price fell by 14.69% to NZ$4.180 per share.

FRE Ended the Session in Green

Freightways Limited (NZX: FRE) has provided update on the trading conditions during Alert Level 4 and Level 3 lockdown in NZ until the end of April 2020, and for the same time period in Australia. The company stated that, throughout the group, revenue dropped on average by approximately 32% during April 2020, but there was a steady improvement through that period of time, in volume as well as in the type of activity being performed.

With respect to funding, the company stated that it has reached an agreement with the banking syndicate to increase funding facilities available by NZD50 million to provide further liquidity should it be required, and to extend certain existing facilities which are maturing in 2021 by additional two years. This, along with partial settlement of Big Chill acquisition with Freightways shares, reflect that FRE is possessing ample liquidity for foreseeable future.

CRP Rose By 3.60%

Chatham Rock Phosphate Limited (NZX: CRP) has recently stated that it has successfully garnered further working capital to keep CRP in the good standing as it continues to pursue the objective of securing new cornerstone investor to finance the environmental permit reapplication.

Based on the success of funding which has closed, CRP is proceeding with the further non-brokered private placement of up to 12,500,000 units at the price amounting to CAD $0.08 per Unit (or NZ$0.10) for gross proceeds amounting to up to CAD $1 Mn (or NZD $1.25 Mn) subject to regulatory approvals.



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