NZX 50 loses 1.06%; GFI, NZO, SEK witness price rally

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NZX 50 loses 1.06%; GFI, NZO, SEK witness price rally

 NZX 50 loses 1.06%; GFI, NZO, SEK witness price rally
Image source: © Embe2006 | Megapixl.com

Highlights:

  • The NZ share market ended in the red on Friday amid a souring market mood.
  • Top NZX gainers included Greenfern Industries, New Zealand Oil & Gas and Seeka, while Rua Bioscience and Pushpay Holdings were among the NZX decliners.
  • A majority of cryptos were witnessing a decline in their prices.

The New Zealand share market slipped on the first day of the new quarter, taking cues from its Wall Street counterparts.

On Friday, the S&P/NZX 50 benchmark index closed at 10,753.160, down 115.540 points or 1.06%, majorly weighed down by indices like the S&P/NZX All Health Care and the S&P/NZX All Information Technology, which dopped 2.09% and 1.77%, respectively.

 

Source: © Littlemacproductions | Megapixl.com

NZX gainers and laggards

The top NZX gainer was Greenfern Industries Limited (NZX:GFI), which climbed 6.88% during the market session. It was followed by New Zealand Oil & Gas Limited (NZX: NZO) and Seeka Limited (NZX:SEK) whose shares rose 5.68% and 4.72%, respectively, at the closing bell.

Among the top NZX laggards were Rua Bioscience Limited (NZX:RUA), which lost 7.58%. Other stocks which witnessed a decline in their shareprices included Chatham Rock Phosphate Limited (NZX:CRP), and Pushpay Holdings Limited (NZX:PPH).

On Friday, the daily value traded stood at nearly NZ$95 million.

Global market

The US sharemarket witnessed the worst first half since 1970, underpinned by a host of macroeconomic factors like inflation and the COVID-19 pandemic and geopolitical tensions.

On Friday, Wall Street closed in the red as the NASDAQ slipped 1.33%. Even the Dow Jones and the S&P 500 were not spared from the onslaught as they both lost 0.82% and 0.88%, respectively.

Even Asian markets fell on the first day of the month, as Japan’s Nikkei 225 was declining 1.61% at the time of writing, as sentiments of large Japanese manufacturers deteriorated during the June quarter, as per the Bank of Japan’s quarterly tankan business sentiment survey.

Even the Shanghai Composite is shedding 0.38%, while Hong Kong’s Hang Seng and South Korea’s Kospi are losing 0.62% and 1.41%, respectively, as of now.

Oil and gold prices

Oil prices are trading lower on Friday as worries grow over supply concerns. In a conference held on Thursday, US President Joe Biden stated that Americans would suffer high gasoline prices as long as it took for Russia to get defeated.

At the time of writing, Brent Oil Futures are down 0.61% to US$108.36 a barrel.

The yellow metal witnesses a bumpy ride as Gold Futures are down 0.64% to US$1,795.50 an ounce, at the time of writing.

The bullion’s appeal is clouded by major central banks embracing an aggressive stance to fight stubborn inflation.

Crypto market down

The global cryptocurrency market continues to be under stress on Friday as most of the cryptos were trading in the red today. Top cryptos like Bitcoin, Ethereum, Cardano, Solana, and Polkadot were declining over the previous day at the time of writing. Even meme currencies like Shiba Inu and Dogecoin were witnessing a slip in their prices.

At the time of writing, the global crypto market cap has declined 2.26% in the last 24 hours and clocked US$871.61 billion.

 

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