NZX 50 closes higher; ERD, GFI, SKO gain, NTL, RAD fall

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NZX 50 closes higher; ERD, GFI, SKO gain, NTL, RAD fall

 NZX 50 closes higher; ERD, GFI, SKO gain, NTL, RAD fall
Image source: © Embe2006 | Megapixl.com

Highlights:

  • The NZ sharemarket gained 1.60% on Wednesday
  • EROAD, Bremworth, Greenfern Industries and Serko recorded share price gains
  • Top cryptos like Bitcoin, Ethereum, Cardano, etc., are trading in the red today

The New Zealand sharemarket closed higher on Wednesday. The benchmark index S&P/NZX 50 last traded at 11,141.070, up 1.60% or 175.90 points. The benchmark index got strong support from indices like the S&P/NZX All Information Technology and the S&P/NZX All Health Care, which gained 3.30% and 2.50%, respectively.

NZX movers and shakers

Source: © Ps7548 | Megapixl.com

Today, the top NZX gainer was EROAD Limited (NZX:ERD), which gained 14.29%, at the close of the market session. Other top gainers include Bremworth Limited (NZX:BRW), up 6.38%, Greenfern Industries Limited, which rose 6.08%, and Serko Limited (NZX:SKO), whose share price surged 5.61%.

On the flip side, stocks like New Talisman Gold Mines Limited (NZX:NTL), Radius Residential Care Limited (NZX:RAD) and ArborGen Holdings Limited (NZX:ARB) were the top decliners on the NZX.

At the closing bell, the NZX recorded nearly NZ$135 million as the daily traded volume.

Wall Street witnesses mixed trends

The US stock market closed mixed on Tuesday. The Wall Street indices like the NASDAQ and the S&P 500 advanced 1.75% and 0.16%, respectively, while the Dow Jones lost 0.42%, as investors fear a possible recession across the US. However, lower interest rates seemed to appeal to the tech sector, which could be seen across the tech-heavy NASDAQ, which recorded a gain.

On the other hand, Asian markets recorded a fall, as Hong Kong’s Hang Seng index is down 2.36%, at the time of writing. South Korea's Kospi and Japan's Nikkei 225, too, are trading in the red today.

Further, the Shanghai Composite is lower by 1.89%, at the time of writing, as COVID-19 concerns re-emerged.

Oil and gold prices in green

Oil prices bounce back after a heavy beating during the prior session. Supply concerns continue to hover as fears regarding the global recession loom. At the time of writing, Brent Oil Futures are rising 2.1% to US$104.96 a barrel. Oil supply could be eased if extra supplies from Venezuela and Iran are allowed, cites the OPEC Secretary.

The yellow metal found a temporary respite today after a sell-off in the last session dragged bullion to a seven-month low as the dollar paused its rally. Gold Futures are up 0.26% to US$1,768.55 an ounce, at the time of writing.

Crypto space

Today, the global crypto market cap is down 0.57% over the previous day to US$906.77 billion, as most of the top cryptocurrencies are trading in the red after a brief uptick as the gloom and worries in the crypto industry persist.

While the world's largest crypto, Bitcoin, recorded a decline on Wednesday, altcoins like Ethereum, Cardano, Solana, Polkadot, Polygon, etc., too, were in the red today.

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