NZX 50 skids 0.67%; GEN, MFB up; GEO, RBD down

Highlights:

• The NZ share market slipped 0.67% on 16 September
• General Capital, My Food Bag Group, and Harmoney Corp were among the gainers
• Stocks like Geo, Restaurant Brands New Zealand, and The Warehouse Group witnessed a drop in their share prices

On Friday, the New Zealand share market ended in the red amid negative global cues. On 16 September, the benchmark index S&P/NZX50 last traded at 11,580.460, down 0.67%, or 78.480 points.

While indices like the S&P/NZX All Health Care, the S&P/NZX All Financials, and the S&P/NZX All Industrials ended lower today, the S&P/NZX All Real Estate and the S&P/NZX All Utilities were up at the close of the trading session on Friday.

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Some of the stocks which witnessed a rise in their prices include General Capital Limited (NZX:GEN), which rose 5.56%, My Food Bag Group Limited (NZX:MFB), up 4.69%, and Harmoney Corp Limited (NZX:HMY), which gained 4.00%. A few other gainers were Bremworth Limited (NZX:BRW), and Air New Zealand Limited (NZX:AIR), which advanced 3.77% and 3.73%, respectively.

On the contrary, stocks whose prices declined included Geo Limited (NZX:GEO), down 6.15%, and Restaurant Brands New Zealand Limited (NZX:RBD), which lost 5.96%. Other NZX decliners included Ventia Services Group Limited (NZX:VNT), and The Warehouse Group Limited (NZX:WHS), whose share prices fell 4.85% and 4.00%, respectively.

On Friday, the daily value traded at the NZX was around NZ$449.5 million.

Global markets

US stocks traded lower on Thursday as investors contemplated the mixed economic data of the US economy, which failed to give assurance that inflation is under control. On Wall Street, the NASDAQ lost 1.43%, the S&P 500 shed 1.13%, and the Dow Jones dipped 0.56% on 15 September.

On Friday, stocks in Asian markets fell as the US economic data dashed early hopes that the Fed would slow down its battle to tame inflation. On 16 September, Singapore’s SGX Nifty declined 1.12%, while in Japan, the Nikkei 225 lost 1.06%. South Korea’s Kospi dropped 1.03%, and the Shanghai Composite traded 1.55% lower (at the time of writing).

Oil up, gold down

Oil prices were higher on Friday but headed for a third straight week of losses as concerns over sharp interest rate hikes, and potential economic recession fears mounted up. Currently, Brent Oil Futures are up 0.84% to US$91.60 a barrel (16 September).

Gold prices were lower on Friday as prospects of an aggressive rate hike by the Fed gave a boost to bond yields, which diminished the yellow metal’s appeal. At the time of writing on 16 September, Gold Futures were down 0.46% to US$1669.95 an ounce.