On May 21, 2020, S&P/NZX50 ended the session in red as the index witnessed a fall of 0.52% to 10,732 while S&P/NZX20 fell by 0.64% to 7,210. On the same day, S&P/NZX10 encountered a fall of 0.78% to 11,168.
S&P/NZX All Consumer Discretionary witnessed a rise of 1.69% and S&P/NZX All Materials fell by 3.21% on May 21, 2020.
Evolve Education Group Limited (NZX: EVO) and PaySauce Limited (NZX: PYS) ended in green as the prices of these stocks rose by 4.90% and 4.76%, respectively on an intraday basis. However, Truscreen Limited (NZX: TRU) fell by 7.94% to NZ$0.058 per share.
Recent Update By Sky Network Television Limited
Sky Network Television Limited (NZX: SKT) has recently made an announcement that it is conducting an equity raising of around NZ$157 million in order to ensure that it is well capitalised to counter the impacts of coronavirus and positioned to execute on the future growth opportunities after the conditions improve.
The company stated that it has undertaken decisive action on costs, with substantial reductions to operating expenses as well as deferral of non-essential capital projects.
Its strategic focus towards preserving capital would remain during coronavirus disruption period, and the company anticipates that the cost saving initiatives would be resulting in savings of $80 Mn- $95 Mn in FY 2021.
Mercer Group Releases Market Update
Mercer Group Limited (NZX: MGL) has released a market update and stated that:
- In the past month, it has secured more than $10 million of new orders throughout H&C Automated Solutions, Milmeq and Mercer Stainless. It needs to be noted that the orders were throughout the NZ, Australian and the US markets.
- Under level 2, all of the company’s sites are operating.
- MGL has a team in the United States which is completing the installation of Milmeq cheese cooling tunnel. Also, there are anticipations that another team would be travelling to the US in June/July in order to complete installation of H&C Automated Solutions systems.
The company also added that its pipeline for the new orders is adequate. However, there are significant risks with the global economy, but the company is working closely with its customers in order to ensure that it can continue to design as well as supply them systems which de-risk their business.