NZX skids 0.50% amid higher food prices; top cryptos witness bloodbath

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NZX skids 0.50% amid higher food prices; top cryptos witness bloodbath

 NZX skids 0.50% amid higher food prices; top cryptos witness bloodbath
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Highlights

  • S&P/NZX50 was down by 0.50% on Thursday
  • Wall Street indices dip amid the US Fed’s decision to aggressively hike the interest rates
  • Top cryptos like Bitcoin, Ethereum, Cardano, Solana, etc. bleed

New Zealand’s share market witnessed a dip on Thursday as the US inflation data did little to ease investor fears over the outlook for interest rates and the economy.

Today, at the closing bell, the benchmark index, S&P/NZX50, lost 0.50% and settled at 11,177.360 basis points. The drop in the index was majorly led by S&P/NZX All Consumer Discretionary and S&P/NZX All Consumer Discretionary, which ended the trading session lower by 1.64% and 1.48%, respectively.

Here, it must be pointed out that the country's food price inflation was high at 6.4% in April 2022, as compared to the last year, with significant increases in grocery food prices, fruit and vegetable prices, as well as meat and poultry prices, among others.

NZX top gainers and decliners

Source: © Skypixel | Megapixl.com

Talking about NZX stock market gainers, some of the stocks which recorded the highest price jumps included Ryman Healthcare Limited (NZX:RYM), PGG Wrightson Limited (NZX:PGW), Marlborough Wine Estates Group Limited (NZX:MWE), Bremworth Limited (NZX:BRW) and Comvita Limited (NZX:CVT), among others.

On the other hand, those stocks which recorded a decline in their share prices were New Zealand King Salmon Investments Limited (NZX:NZK), Gentrack Group Limited (NZX:GTK), Rua Bioscience Limited (NZX:RUA), etc.

The most traded stocks included Pushpay Holdings Limited (NZX:PPH), Air New Zealand Limited (NZX:AIR), Spark New Zealand Limited (NZX:SPK) and Kiwi Property Group Limited (NZX:KPG).

Global market indices

Wall Street indices fell sharply amid the US Fed’s decision to aggressively hike interest rates so as to put a check on inflationary pressures.

NASDAQ was down by 3.18%, while Dow Jones declined by 1.02% on 11 May. Elsewhere, Japan’s NIKKEI 225 was down by 1.83%. However, mixed performance was seen in China.

Gold and oil prices

Spot gold was down by 0.26% at $1847.87 per ounce, at the time of writing. Choppy price action was seen in the yellow metal after a key US report renewed worries over inflation and a tightening of monetary policies.

Meanwhile, oil prices remain under pressure on jitters over rising interest rates, recession and supply concerns and geopolitical tensions.

NZD/USD pair was down 0.87% at 0.6245.

Crypto space

The crypto market continues to witness a bloodbath as the major cryptocurrencies remain in red, owing to multiple factors. Rising inflation numbers clubbed with the unprovoked Russian attack on Ukraine are worrying the investors across the world.

To add to the woes, the unsteady algorithms of stablecoins are also hurting the crypto market sentiments.

Currently, the global crypto market cap was down by 14.15% and clocked US$1.18 trillion since the last day. Bitcoin, Ethereum, XRP, Cardano, Solana, and Polkadot were trading sharply lower by 10.13%, 19.57%, 26.27%, 27.79%, 30.36% and 26.20%, respectively, over the last 24 hours.

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