NZX 50 ends 0.16% lower; AIA, CEN, MFT’s shares drop

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NZX 50 ends 0.16% lower; AIA, CEN, MFT’s shares drop

 NZX 50 ends 0.16% lower; AIA, CEN, MFT’s shares drop
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  • The New Zealand sharemarket ended 0.82% lower on Thursday as business confidence dipped.
  • US stocks ended mostly lower in the overnight session while Asian stocks were trading mixed on Thursday.
  • Oil prices rose, gold prices firmed while the cryptomarket was down.


The New Zealand sharemarket ended lower on Thursday as NZ business confidence dipped to a new low amid inflationary pressures and supply chain constraints. The ANZ Business Outlook survey revealed business confidence fell by 7 points to -63% in June, showing pessimism among firms on activity and profitability outlook.

The benchmark NZX 50 index ended 0.82% lower at 10,868.7, led by a substantial drop in material, industrial and utility stocks.

Top stock Fisher & Paykel Healthcare (NZX:FPH) gained 0.5% during the trading session. Chatham Rock (NZX:CRP) was the top gainer with shares ending 15.63% higher at the end of the day.


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Among leading stocks, Meridian Energy (NZX:MEL) fell 0.21%, Contact Energy (NZX:CEN) lost 2.54%, Mainfreight (NZX:MFT) was down 1.62%, Auckland International (NZX:AIA) fell 2.71% and Ryman Healthcare (NZX:RYM) ended 2.73% lower. Harmoney Corp Limited’s (NZX:HMY) shares fell the most by 8.89% in Thursday’s session.


US stocks end mostly lower, Asian stocks trade mixed

US stocks ended mostly lower in Wednesday’s trading session after many policymakers and experts suggested a quick hike in interest rates to lower soaring inflation. Moreover, US Q1 GDP was altered down to -1.6% from -1.5% earlier while GDP deflator soared to 8.3%, sparking recessionary concerns.

The S&P 500 fell 0.07%, the NASDAQ Composite dropped 0.03% while the Dow Jones Industrial Average saw a rise of 0.27% in the overnight session.

Asian stocks were trading mixed on Thursday. Japan’s Nikkei was down 0.78%, Australia’s S&P/ASX 200 was trading 0.95% lower and South Korea’s KOSPI was down 0.72%. However, Hong Kong’s Hang Seng was trading 0.26% higher during the day.


Oil prices rose, gold prices firmed

Oil prices were trading higher on Thursday but headed for their first monthly decline since November 2021. Oil prices took a hit in June due to increased economic growth worries as central banks raised interest rates to battle surging inflation.

Brent oil increased 0.32% to US$112.81 a barrel, while US crude oil WTI futures were up 0.15% to US$109.94 a barrel.

Gold prices softened during the day as US Treasury yields fell and the dollar gained on Wednesday. Spot gold was down 0.05% to US$1817.05 per ounce, while gold futures gained 0.01% to US$1817.65, at the time of writing.


Cryptomarket down

The global cryptomarket cap has fallen 1.96% to US$892.37 billion in the last 24 hours. Major cryptocurrencies like Bitcoin, Cardano, Solana, Polkadot, etc., were trading lower on Thursday. However, Ethereum, XRP, BNB and TRON showed gains.




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