NZX 50 falls 0.28% as RBNZ lifts OCR, crypto market surges

Be the First to Comment Read

NZX 50 falls 0.28% as RBNZ lifts OCR, crypto market surges

 NZX 50 falls 0.28% as RBNZ lifts OCR, crypto market surges
Image source: Copyright © 2021 Kalkine Media Pty Ltd.


  • The S&P/NZX50 dropped by 0.28% at 11,855.590 basis points at the closing bell
  • NZ’s Central Bank hikes official cash rate to check rising inflation
  • The global crypto market rose by 1.01%; major cryptos witnessed price gains

New Zealand’s share market continued its downward trend even today as the country’s Reserve Bank hiked its official cash rate to 1.5%, i.e., by 50 basis points. The said move is the RBNZ’s fourth consecutive hike and its largest rate increase in more than 20 years as the Central Bank is making efforts to tame sharply climbing inflationary pressures.

The S&P/NZX50, the benchmark index, on 13 April, closed in red at 11,855.590, down 0.28% over the previous day. The S&P/NZX All Information Technology and the S&P/NZX All Financials ended the trading session lower by 1.57% and 1.24%, respectively.

NZX gainers and decliners

Source: © 2022 Kalkine Media®

The top NZX gainers were Asset Plus Limited (NZX:APL), Bremworth Limited (NZX:BRW) and DGL Group Limited (NZX:DGC), posting gains of 17.65%, 9.43% and 7.90%, respectively, in their share prices. On the other hand, stocks like New Zealand King Salmon Investments Limited (NZX:NZK) and EROAD Limited (NZX:ERD), witnessed a slump of 19.77% and 5.66%, respectively, in their share prices.

Most traded stocks

Further, the most traded stocks of the day included Z Energy Limited (NZX:ZEL), NZ Windfarms Limited (NZX:NWF), Air New Zealand Limited (NZX:AIR) and Asset Plus Limited (NZX:APL), among others.

Global markets

The Wall Street’s major indices, the Dow Jones Industrial Average, dropped 0.26%, the S&P 500 INDEX dipped 0.34%, while the NASDAQ Composite fell 0.30%, following the U.S. inflation report release.

Gold futures, oil prices, Kiwi dollar

Today, gold futures were down by 0.37% at US$1,969.00 per ounce. The yellow metal was benefitting from some safe-haven demand amid growing inflation fears, escalation in the Russia-Ukraine conflict and frequent outbreaks of COVID-19 across the globe.

Further, oil prices rose on fears of sanctions-hit Russia, the world's second-largest oil exporter, might tighten its supply after it disclosed that the peace talks to resolve its conflict with Ukraine had come to a dead end.

The NZD/USD pair was trading 0.68% lower at 0.6803, at the time of writing.

Crypto space

The global cryptocurrency market cap has surged by 1.01% in the last 24 hours to US$1.87 trillion. Bitcoin rose by 0.13%, while altcoins like Ethereum, XRP, Solana, Cardano, Polkadot, etc., too, reported price gains. Even canine-themed memecoins like Dogecoin and Shiba Inu were trading in the green, at the time of writing.


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