NZX50 closes flat as investors remain cautious ahead of Fed statement

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NZX50 closes flat as investors remain cautious ahead of Fed statement

 NZX50 closes flat as investors remain cautious ahead of Fed statement
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Highlights

  • The NZ share market was subdued on Monday
  • It see-sawed between the green and the red
  • The NZX 50 closed down 0.01% with 61 rises

The New Zealand share market started the week on a flat note with mixed closing on Wall Street on Friday. Domestic market factored in the Wall Street performance on Friday evening when it traded last to close slightly lower on Monday.

The NZX benchmark index NZX50 was down 0.01% at NZ$10.588, at the close of the trading session with 61 rises and 78 falls. The NZX see-sawed between the negative and the positive, and finally closed almost flat. 

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Source: © 2022 Kalkine Media®

The top gainers in today’s trade were small-cap stocks with Good Spirts Hospitality (NZX:GSH) gaining more than 10.29% at NZ$0.043, Savor Limited (NZX:SVR), which gained 6.41% at NZ$0.415, NZME Limited (NZX:NZM), which rose 4.39% at NZ$1.19, and Pacific Edge Limited (NZX:PEB), which was up 4.23% at NZ$0.740.

The biggest loser on the NZX was a technology stock, Plexure Group Limited (NZX:PXI), which lost about 12%, Blis Technology (NZX:BLT), which was down almost 9%, SmartPay Holdings, which lost about 5% to NZ$0.640.

Amongst the heavyweights, medical device maker Fisher and Paykel (NZX:FPH) was up 2% at NZ$19.48 with lots of buying. According to analysts, below NZ$20, the share has become attractive to investors. Auckland Airport (NZX:AIA) closed up 1.05% at NZ$7.185, and Heartland Group (NZX:HGH), was up 2.14% at NZ$1.910. The A2M milk Company (NZX:ATM) gained almost 0.9% at NZ$4.61. 

Global markets

US indices were mixed on Friday. Growth stocks got a relative bump after a sharp sell-off they saw previous day. Cyclical stocks see-sawed between the red and the green. Energy stocks dropped 5.1% with oil prices moving up.

European markets saw modest rises and falls

The Stoxx Europe 600 inched up 0.1%. Eurozone inflation rose to a record high of 8.1% in May, which was as expected, so the FTSE 250 rebounded by 1.1%. In Asia, benchmarks were mostly down in cautious trading ahead of a holiday in the US on Monday. Japan’s Nikkei tumbled 1.8% while South Korea’s Kopsi slumped 0.5%.

Australia's S&P/ASX 200 slipped 0.7% to 6,432.00.

Commodities

Gold opened flat on Monday in international markets after declining in previous session, as an increased dollar made the greenback-priced bullion less attractive for foreign buyers. Spot gold was little changed at $1,839.79 per ounce. WTI crude dropped -6.8% to US$109.56/bbl.

Cryptocurrencies

The crypto market rebounded on Monday even as sentiments remained shaky. Bitcoin breached the US$20,000 level whereas Ethereum held above US$1,000. Major cryptos have wiped off the gains they incurred in the last five years. Crypto tokens were trading with gains on Monday. Dogecoin gained 13% whereas Ethereum was trading 12% up. Solana, Avalanche and Shiba Inu gained 6-8%.

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