NZX 50 closes higher, Crown accounts mirror resilient economy

Be the First to Comment Read

NZX 50 closes higher, Crown accounts mirror resilient economy

 NZX 50 closes higher, Crown accounts mirror resilient economy
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Highlights

  • The NZ share market records upwards momentum at the closing bell, driving strong gains from the IT and communication services sector.
  • Both the Dow Jones Industrial Average and the S&P 500 Index witnessed gains today.
  • The global crypto market rose by 0.71% over previous day.

The New Zealand stock market closed in green today as the Crown accounts continued to reflect the resilience of the country’s economy, despite being impacted by the Omicron outbreak. The Crown accounts for the eight months ended February 2022 posted better results than those forecasted earlier.

The benchmark index S&P/NZX50 closed up by 0.57% at 12,121.390 basis points and got strong support from various indices like the S&P/NZX All Information Technology, which jumped by 2.12% and the S&P/NZX All Communications Services, which climbed by 1.92%.

Source: © 2022 Kalkine Media®

Stocks like TruScreen Group Limited (NZX:TRU), Green Cross Health Limited (NZX:GXH), Vista Group International Limited (NZX:VGL) and Move Logistics Group Limited (NZX:MOV) recorded huge gains, while others such as Bremworth Limited (NZX: BRM) and Chatham Rock Phosphate Limited (NZX:CRP), etc., witnessed a decline in their prices.   

Major global markets

Coming to the global front, the Dow Jones Industrial Average and the S&P 500 INDEX recorded gains of 0.30% and 0.81%, respectively. It is noted that shares of Twitter outperformed most of its peers as famous tech-entrepreneur Elon Musk became the largest shareholder in the microblogging site.

Also, the FTSE 100 Index, too, witnessed a climb of 0.28% over previous day.

Gold futures and fuel prices

Gold futures were down by 0.09% at US1,932.30 an oz, at the time of writing, as the US dollar held firm on increasing prospects of more curbs against Russia.

Currently, the U.S. East Coast is witnessing record-high jet fuel prices as the global distillates market is exceptionally tight after the Russia-Ukraine conflict and the resurgence of air travel after the pandemic owing to a strong pent-up leisure and business travel demand.

The NZX/USD surged by 0.77% at 0.6998, at the time of writing.

Crypto space

The global crypto market cap rose by 0.71% to US$2.16 trillion on previous day. The largest cryptocurrency, Bitcoin, gained 1.16% and is currently trading at US$46,688.78.

Altcoins like Ethereum, Polkadot, Monero, etc., were trading in green, at the time of writing.

Disclaimer

Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK