NZX 50 falls 0.09%; WDT, CRP shine, SMW and RYM turn dilute

The benchmark index S&P/NZX50 dropped due to fears over interest rate hikes and mounting inflationary concerns.

The New Zealand share market dipped on the opening day of this week as investors remained worried, anticipating further clues on the Fed’s monetary policy.

On 16 May, at the closing bell, the benchmark index S&P/NZX50 last traded at 11,157.660 basis points, down 0.09%, weighed down by indices like the S&P/NZX All Health Care and the S&P/NZX All Communications Services, which ended the trading session down 1.54% and 1.01%, respectively.

It is pointed out that the Kiwi government has committed NZ$1.2 billion over the next four years to downsize emissions, as the country witnessed the unveiling of the Emissions Reduction Plan.

NZX Movers and Shakers

Source: © Ps7548 | Megapixl.com

Wellington Drive Technologies Limited (NZX:WDT), Chatham Rock Phosphate Limited (NZX:CRP), Radius Residential Care Limited (NZX:RAD), and Vulcan Steel Limited (NZX:VSL), were the top NZX gainers, rising 8.0%, 6.67%, 5.56% and 5.49%, respectively.

On the contrary, among the top decliners were SMW Group Limited (NZX:SMW), Ryman Healthcare Limited (NZX:RYM), Rua Bioscience Limited (NZX:RUA) and Good Spirits Hospitality Limited, etc.

Further, the most traded stocks on the NZX on Monday were Air New Zealand Limited (NZX:AIR), Promisia Healthcare Limited (NZX:PHL) and Pushpay Holdings Limited (NZX:PPH), with the daily volume clocking around NZ$102 million.

Global indices

Coming to the Wall Street indices, the Dow Jones Industrial Average and the S&P 500 Index finished higher on Friday, ahead of a big earnings week for retailers.

Elsewhere, Asia-Pacific markets such as the Nikkei 225, the HANG SENG Index, etc., showed early gains on Monday.

However, China’s Shenzhen Component was down after the country reported disappointing economic numbers due to COVID-19-related restrictions.

Gold and oil prices

Gold futures were down 0.87% to US$1792.40, at the time of writing. It must be noted that though geopolitical tensions and higher inflation are supporting prices of the yellow metal, a stronger dollar and various measures to limit rising inflation are pushing gold to lower levels.

On Monday, oil prices slipped after being up in the prior session. However, global supply fears continue as the EU plans on Russian oil imports will further lead to the stiffening of the global supply of crude and fuels.

As of now, the NZD/USD pair was down 0.33% at 0.6261.

Crypto world

The global crypto market cap has witnessed a decline of 0.66% over the last 24 hours, currently clocking US$1.27 trillion.

Top cryptocurrencies like Bitcoin and Ethereum were slumping, at the time of writing, while altcoins like Cardano, Solana, Monero, etc., were witnessing a price rise.