Is New Zealand Stocks Following Wall Street Gains?

 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 12,577.48, which implies 20.73% increase in the span of 1 year. However, MidCap Index and SmallCap Index claimed at 6,191.82 and 21,882.51 points, respectively, outperforming the NZX 50 as well as posting the growth of 28.55% and 74.19%, respectively. Notably, MidCap and SmallCap stocks have shown resilience over the period.

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

Source: Refinitiv (Thomson Reuters)

Gainers and Losers:

On 21^st April 2021, Just Life Group Limited (NZX: JLG) made an announcement that it acquired 60% of the business of Designer Tanks Ltd.  The Chief Executive of Just Life Group stated that, although it is an early-stage business, the future is bright, and JLG intends to deploy towards the brand nationally.

On 22^nd April 2021, AMP Limited (NZX: AMP) provided Q1 FY 2021 AUM as well as cashflows update. It was mentioned that Australian wealth management (or AWM) assets under management (or AUM) rose A$1.6 Bn to A$125.7 Bn during Q1 FY 2021, which implies improvement in investment markets.

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

Movements on Wall Street:

On April 21, 2021, NASDAQ Composite rose by 1.19% to 13,950.22. Notably, Dow Jones Industrial Average increased by 0.93% to 34,137.31.

Also Read: Is NZX 50 Rising on Cues from Positive Monetary Policy Update?