The NZ share market ends the week in the red
The NZ50 was down 0.72% on global cues
NTL gained 50%, while tech stocks lose
The New Zealand share market ended the week in the red on Friday on the back of an interest rate hike by the US Federal Reserve (Fed). Global markets felt the impact of the US Fed’s monetary policy stance while equities all over the world witnessed selling.
The benchmark index of New Zealand, the S&P/NZX50 closed 0.72% at 11,434 with 51 rises and 86 falls. The volume in today’s trade was 28.24 million and the turnover at the close of the week was NZ$95.66 million.
The major gainers in today’s trade were New Talisman Goldmines Limited (NZX: NTL), up 50%, at NZ$0.003, Metro Performance Glass (NZX:MPG), up 7.32%, Trade Window Holdings Limited (NZX:TWL), up 4.69% at NZ$0.670, Scales Corporation Limited (NZX:SCL), up 4.17% at NZ$5, and T&G Global Limited (NZX:TGG), up 2.70%.
On the other hand, the losers in today’s session were technology stocks like Plexure Limited (NZX:PX1), down 9.09%, and PaySauce Limited (NZX:PYS), down 8.33%. Other stocks that lost were Savor Limited (NZX:SVR), down 4.76%, SmartPay Holdings Limited (NZX: SPY), down 4.73%, and A2 Milk Company (NZX:ATM), down 4.62%.
Among other shares, Auckland International Airport (NZX:AIA) gained 0.66% at NZ$7.620, Australia and New Zealand Bank was up 0.91% at NZ$26.520, and Gentrack Group gained 3.57%.
In the US, indices were down on Thursday (22 September) due to the Fed’s suggestion that interest rates were not likely to come down anytime soon. However, the healthcare sector was up as the FDA approved a cancer drug by Eli Lilly.
While the Dow Jones ended flat, the S&P500 was down 0.5%, and the NASDAQ was down 1%.
In Europe, many central banks joined the Fed in increasing interest rates. European investors also went on a selling spree. Accordingly, the Stoxx 600 was down 1.8%. The FTSE 100 fell 1.1%.
Asian markets were also down on Friday. The Shanghai Composite was down 0.66%, Hong Kong’s Heng Sang was lower by 1.15% and Japan’s Nikkei 225 closed at 0.55%.
Oil prices today
Oil prices fell on Friday amid recession fears and a stronger US dollar. However, losses were capped by supply concerns after Moscow’s new mobilisation campaign in its war against Ukraine.
Brent crude was down 46 cents, to US$90.00 per barrel, while WTI crude futures were down 46 cents, to US$83.03.