Is NZX 50 Following Gains of Last Week?

Source: Elle Aon, Shutterstock

On April 19, 2021, the broader market could not hold on to the early morning gains and traded lower during rest of the trading sessions, in a positive narrow range, to close in green. It seems that NZ markets were following gains of the US markets, which ended the session on a positive note on April 16, 2021. Importantly, the broader markets have continued its winning momentum from the gains earned during last week. NZX 50 rose by 0.66% to 12,767.83 and NZX 20 increased by 0.71% to 8,192.62. However, NZX 10 rose by 0.67% to 12,692.47.

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 12,767.83, reflecting an increase of 18.63% in one year, while MidCap Index and SmallCap claimed at 6,273.60 and 21,873.33 points, respectively, outperforming the S&P/NZX 50 Index and reporting a growth of 26.24% and 67.34%, respectively, indicating strong resilience in Midcap and Smallcap stocks over the period.

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

Source: EODHD/Others (Thomson Reuters)

Gainers:

As per the release dated April 16, 2021, Just Life Group (NZX: JLG) came forward and announced the appointment of Beatrice Faumuina as Brand Ambassador to the Just Life Group. Beatrice Faumuina happens to be the former World Discus Champion. As per the release, she has grasped every opportunity from Dancing with the Stars to New Zealand Trade Commissioner in New York to the director of Sport New Zealand as well as she even appeared on the Samoan postage stamp.

As per the release dated April 16, 2021, Tilt Renewables Limited (NZX: TLT) made an announcement that it has amended Scheme Implementation Agreement (or SIA) with Powering Australian Renewables (or PowAR) and Mercury NZ Limited. The scheme consideration has been increased from $7.80 per share to $8.10 per share. It needs to be noted that the increased consideration of NZ$8.10 per share values Tilt Renewables at an equity value of NZ$3,070 million as well as an enterprise value of NZ$3,238 million. 

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

Movements on Wall Street:

On April 16, 2021, Dow Jones Industrial Average rose by 0.48% to 34,200.67. Notably, NASDAQ Composite increased by 0.10% to 14,052.34.

Also Read: Energy, Material, and Health Care Stocks Pulled the Broader Market Up