- The New Zealand share market ended lower on Friday on the back of weak investor sentiment.
- Global stock markets ended mixed amid concerns about the Fed hampering growth to bring inflation under control.
- Oil and gold prices were up with top cryptocurrencies recovering from the previous session.
The New Zealand share market ended lower on Friday on the back of weak investor sentiment amid high inflation and tightening monetary policy possibilities by central banks.
The S&P/NZX 50 fell 0.08% to end at 11,168.18, backed by losses in materials and consumer staples.
Worries about the Fed’s tightening of the monetary policy to combat inflation have put pressure on traders and investors.
Top stock Fisher & Paykel (NZX:FPH) gained 3.44% to NZ$21.05.
Warehouse Group (NZX:WHS) rose 7.62% to NZ$3.39 as the Group released its Q3 sales update. WHS reported an increase in sales in Q3 FY22 compared to pre-COVID-19 levels due to a surge in online sales.
The national carrier of NZ, Auckland International (NZX:AIA), rose 2.82% to NZ$7.3 and Vital Healthcare Property (NZX:VHP) gained 2.09% to NZ$2.93.
Wellington Drive’s (NZX:WDT) shares slid 8.09% to NZ$0.125, TruScreen’s (NZX:TRU) shares fell 5.48% to NZ$0.069 and Radius Healthcare’s (NZX:RAD) shares dropped 5.26% to NZ$0.36.
Global stocks ended mixed
US stocks tumbled in Thursday’s trading session due to stronger-than-expected inflation numbers in the US, which further strengthened the possibility of aggressive rate hikes ahead by the Fed.
Source: © Deng3602 | Megapixl.com
The S&P 500 slid 0.13% to 3930.08, the Dow Jones Industrial Average declined 0.33% to 31,730.3, while the NASDAQ Composite ended with a small gain of 0.06% to 11,370.96 in Thursday’s trading session.
Japan’s Nikkei 225 was up 2.56%, at the time of writing while Hong Kong’s Hang Seng Index was trading 2.12% higher on Friday.
The benchmark US. 10-year yield increased to 2.8895% from a close of 2.817% on Thursday.
Oil prices and gold prices up
Brent crude, the global oil benchmark, was trading higher on Friday. The market continues to be affected by the EU’s move to ban Russian oil, affecting supply and weak demand concerns amid lockdown in China, inflation and economic slowdown.
Brent crude futures was up 1.76% to US$109.33 a barrel at the time of writing, while WTI crude futures gained 1.5% to US$107.72 a barrel.
Spot gold prices held near a 3-month low on Friday as the US dollar hit a 20-year high of 104.95 on the day before, putting pressure on gold prices.
Gold futures rose 0.07% to US$1,825.8, at the time of writing, while spot gold was up 0.26% to US$1,826.57.
The global crypto market cap rose 14.1% to US$1.32 trillion compared to previous day, as per Coinmarketcap.
The BNB, XRP, Cardano and Solana have registered over 20% gains in the past 24 hours.