S&P/NZX50 ended the session in red as the index witnessed a fall of 0.36% to 11,261 on June 10, 2020 while S&P/NZX20 declined by 0.38% to 7,503. On the other hand, S&P/NZX10 rose by 0.09% to 11,584.
S&P/NZX All Consumer Discretionary ended in red as there was a fall of 2.58% while S&P/NZX All Information Technology has witnessed an increase of 1.20%.
The stock of Oceania Healthcare Limited (NZX: OCA) ended the session in red as there was a decline of 1.94% to NZ$1.010 per share. The share price of Michael Hill International Ltd (NZX: MHJ) ended the session in green as there was an increase of 4.88% to NZ$0.430 per share.
The following image gives an idea as to how the stock of MHJ has trended in the span of 90 days:
Performance of MHJ’s Share Price (Source: NZX)
A Recent Update by AFT
AFT Pharmaceuticals (NZX: AFT), Atkinson Family Trust and CRG made an announcement about the capital raising in order to increase liquidity as well as reduce debt.
As per the release, AFT is undertaking an underwritten placement, which is comprised of:
- Primary placement to garner around NZ$10 Mn by the issuance of new shares in AFT
- Secondary sale of:
- Around NZ$3.5 Mn worth of shares by AF Trust
- Around 16 Mn existing shares by CRG.
The placement would be followed by non-underwritten SPP of up to around NZ$2 Mn. The equity raised by the issuance of new shares under the placement as well as SPP would be applied to retire one of AFT’s working capital facilities, improve the free cash flow as well as offer more flexibility to finance future anticipated growth.
IFT Wraps Up Institutional Placement
Infratil Limited (NZX: IFT) has recently notified the market that it has wrapped up fully underwritten institutional placement which was announced on June 9, 2020.
The placement garnered a total of $250 Mn at the price of NZ$4.76, which implies a discount of 8.0% to the last close price of NZ$5.175 per share on June 8, 2020.
The company stated that placement was supported well, and it attracted bids in excess of offer amount from new as well as existing institutional investors in offshore and local markets, and broker firm clients.