NZX 50 slides 1.98% as global markets continue to fall, top cryptos down

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NZX 50 slides 1.98% as global markets continue to fall, top cryptos down

 NZX 50 slides 1.98% as global markets continue to fall, top cryptos down
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Highlights

  • The S&P/NZX 50 witnessed a slump and stood at 11,381.700
  • Global indices like NASDAQ, the Dow Jones, the FTSE, etc., dipped
  • Prices of major cryptos too fell over expectations of an aggressive rise in interest rates

The New Zealand share market witnessed a dip on Monday, 9 May, as US stock futures took an early skid reacting to rate worries and also a tightening lockdown in Shanghai that fuelled concerns about global economic growth.

At the closing bell, the benchmark index S&P/NZX 50, fell 1.98% at 11,381.700 basis points. Indices like the S&P/NZX All Consumer Staples, the S&P/NZX All Industrials, and the S&P/NZX All Health Care ended in the red at 3.34%, 2.96%, and 2.15%, respectively.

NZX gainers and losers

Source: © Mast3r | Megapixl.com

Among the top NZX gainers were New Zealand King Salmon Investments Limited (NZX:NZK), PGG Wrightson Limited (NZX:PGW), and Westpac Banking Corporation (NZX:WBC), which jumped 12.00%, 4.93% and 3.20%, respectively. However, DGL Group Limited (NZX:DGC), Marlborough Wine Estates Group Limited (NZX:MWE), and ikeGPS Group Limited, lost 14.81%, 6.67% and 6.33%, respectively, over previous day.

On the other hand, the most traded stocks of the day included Air New Zealand Limited (NZX:AIR), Pushpay Holdings Limited (NZX:PPH), Spark New Zealand Limited (NZX:SPK), Oceania Healthcare Limited (NZX:OCA) and Auckland International Airport Limited (NZX:AIA), among others.

Global markets

Coming to the global front, at the time of writing, Wall Street indices like the NASDAQ dropped by 1.40%, and the Dow Jones Industrial Average fell by 0.30%, while the UK’s FTSE index dipped 0.30%, amid worries over rate hikes despite sharply slowing growth and ongoing Russian- Ukrainian tensions.

Further, shares in the Asia-Pacific region also declined as investors watched for market reaction. Japan’s Nikkei 225 slumped 2.53% as shares of Fast Retailing, Japan’s famous company engaged in the clothing business, witnessed a price decline of over 6%.

Gold feels the heat of elevated US Treasury yields and a firm dollar

On Monday, prices of the yellow metal dropped marginally as a strong dollar decreased demand for the precious metal, clubbed with a rise in treasury yields. As of now, gold futures were down 0.63% to US$1,870.97.

Oil and dollar prices

Oil prices slid on Monday amid recession fears and lockdown fears across China. It is pointed out that the world’s top oil exporter, Saudi Arabia, has lowered crude prices for Asia and Europe for the next month.

Currently, the NZD/USD pair was down 1.04% at 0.6342.

Cryptocurrency market

At the time of writing, the global crypto market cap has declined by 3.54% over the previous day and stood at US$1.53 trillion.

Most of the top cryptos dwindled on Monday as possibilities of a sharp rise in interest rates continue to hover over crypto markets. Bitcoin, Ethereum, Solana, Cardano, Avalanche, Polkadot, etc., witnessed price declines. Even meme cryptos, such as Dogecoin and Shiba Inu’s prices also shrunk.

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