NZX down 0.61%, orange setting remains amid fears of COVID-19 wave

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NZX down 0.61%, orange setting remains amid fears of COVID-19 wave

 NZX down 0.61%, orange setting remains amid fears of COVID-19 wave
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Highlights

  • The NZX share market closed in the red currently, as the government announced that the country will remain in the orange setting amid a possible spike in Omicron cases in winter
  • Global indices showed mixed trends; while Wall Street closed higher on Monday, most of the Asia-Pacific indices are in the red
  • Bitcoin, along with major altcoins, are trading lower

On Tuesday, the New Zealand share market was down, at the time of writing. The NZ government has decided to keep the nation at the orange traffic light as a fresh wave of Omicron infections is being predicted during the winter. As of now, the case numbers are flattening.

On 24 May, while writing, the S&P/NZX 50 benchmark index, closed at 11,247, down 0.61%, weighed down majorly by the S&P/NZX All Utilities and S&P/NZX All Industrials, which were also trading lower.

NZX gainers and decliners

Source: © Xetra | Megapixl.com

The top NZX gainers were Pushpay Holdings Limited (NZX:PPH), Chatham Rock Phosphate Limited (NZX:CRP), AFT Pharmaceuticals Limited (NZX:AFT) and The Warehouse Group Limited (NZX:WHS), whose shares were jumping 12.90%, 11.11%, 6.85% and 4.24%, respectively, at the time of writing.

On the other hand, General Capital Limited (NZX:GEN), Livestock Improvement Corporation Limited (NZX:LIC) and Freightways Limited (NZX:FRE) were among the top decliners, currently trading lower 3.77%, 3.61% and 3.41%, respectively.

The daily value traded clocked NZ$54,530,889 at the time of writing.

Global market scenario

Wall Street ended higher on Monday after getting a boost by gains in banking and a rebound in market-leading tech shares. On 23 May, NASDAQ rose 1.59%, and the Dow Jones gained 1.98%.

Also, on Monday, European stocks closed higher despite concerns over the global economy dominating market sentiment. FTSE was up 1.67% on account of gains witnessed by Europe’s banking index and mining stocks.

However, Asian-Pacific markets were subdued in Tuesday’s trading, as Japan’s Nikkei 225 was down 0.61%, while Hong Kong’s Hang Seng index was in the red, trading lower 1.38% at the time of writing.

Oil and gold prices 

As worries over a possible recession and weaker consumption superseded a stricter global supply, oil prices eased a bit during early trade on Tuesday. Brent oil futures slid 0.71% at US$109.99 a barrel at the time of writing.

Further, the yellow metal is losing its sheen as it is trading higher currently. Gold futures are up 0.36% at US$1854.49 per ounce.

Currently, the NZD/USD pair was in the red, down 0.50% at 0.6434.

Crypto space

The global crypto market cap has dropped 2.28% over the last 24 hours and clocked US$1.26 trillion, at the time of writing, as the world's major cryptocurrencies are trading in the red today.

Bitcoin was dipping 3.15%, while altcoins like Ethereum, XRP, Cardano, Polkadot, Avalanche and Polygon, etc., are witnessing a decline in their prices.

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