NZX 50 closes 0.1% higher, ATM continues to gain

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NZX 50 closes 0.1% higher, ATM continues to gain

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 NZX 50 closes 0.1% higher, ATM continues to gain
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  • The NZX closes the week marginally higher despite starting in the red 
  • The NZX 50 was up 0.1% with 61 rises and 72 falls
  • NTL was the biggest gainer in today’s trade, up 50%

The New Zealand share market ended higher on Friday after starting trade in the red. This was on the back of mixed cues from Wall Street. In New Zealand, investors were still cautious about the impact of rate hikes by the Fed and the impact they would have on the global economy.

The NZX50 ended the week higher by 0.1% at NZ$11.628. There were 61 rises and 72 falls with a total volume of around 26.73 million and a turnover of NZ$98.67 million.

Top stocks on the NZX were Auckland International Airport (NZX: AIA), which gained 0.13% at NZ$7.66, and ANZ Banking Group (NZX:ANZ), up 0.79% at NZ$25.500. A2 Milk (NZX: ATM) continued its winning streak with a 1.76% gain at NZ$6.45. Another big bank operating in NZ, Westpac Bank (NZX: WBC), was up 1.26% at NZ$24.100.

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Even though it was a lackluster day on the NZX with no major announcements, some stocks did emerge as the top gainers. These were New Talisman Goldmines (NZX: NTL), up 50%, Asset Plus Limited (NZX: APL), up 3.77%, Oceania Healthcare (NZX: OCA), Mercury NZ Limited (NZX: MCY), up 2.74%, and Summerset Group Holdings Limited (NZX: SUM), up 2.59%.

On the other hand, the top losers were Bremworth Limited (NZX: BRM), Third Age Health Services Limited (NZX: TAH), TRuScreeen Limited (NZX: TRU), and Green Fern Limited (NZX: GFL).

Global equities

US indices were mixed in Thursday’s trade as technology stocks sank and defensive stocks went up. This was due to investors’ risk-averse sentiment as the fear of interest rate hikes surfaced again. It was a fifth day of being in the red for US markets with the NASDAQ dropping 0.8%, while gains in defensive stocks bolstered the Dow Jones, up 0.1%. The S&P 500, however, ended up down 0.2%.

European markets finished sharply lower on Thursday with shares in London leading the region. The FTSE 100 was down 1.86%, Germany's DAX was off 1.60% and France's CAC 40 was lower by 1.48%.​​​​​​​

It was a rough start to the fall season, with investors getting out of equities on continued worries about growth and high inflation. The Stoxx Europe 600 also fell 1.8%. 

Asian markets were also weak as China locked down one of its cities, Chengdu, as cases of COVID-19 began to rise there. China’s CSI300 was down 0.8% and the Shanghai Composite was up 0.5%. Hong Kong’s Heng Sang was down 1.8% and the Nikkei 225 tumbled 1.5%. The Kospi, however, had a heavy fall.

Oil prices

Oil prices jumped on news that OPEC would soon be meeting to discuss output cuts on 5 September. Brent crude futures rose US$1.20, or 1.3%, to US$93.56 a barrel, while US West Texas Intermediate (WTI) crude futures jumped US$1.16, to US$87.77 a barrel. Both benchmarks had slid 3% in the previous session, but due to prospects of contracting supply, the oil price went up.






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