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Highlights
- The NZ share market ends in the green
- The NZX50 gained 1.1% in today’s trade on cues from Wall Street
- Major gainers were NTL and MWE, while MPG and STU lost
The New Zealand share market closed in the green today, taking cues from US markets that traded higher as investors indulged in buying. Bond yields eased despite expectations of a hawkish stance by the Fed.
While investors were watching the Fed’s stance on Thursday (US time), the drop in oil prices added to the positive sentiment in the New Zealand stock market.
The NZX50 ended the session up 1.12% at 11,677 with 74 rises and 63 falls. The market volume was 28.81 shares, and the total turnover for today was NZ$116.96.
The top gainers in today’s trade were New Talisman Goldmines Limited (NZX: NTL), up 50%, Marlborough Wine Estates, up 5.56%, New Zealand King Salmon Limited (NZX:NZK), up 4.55%.
Kathmandu Holdings Limited (NZX:KMD) was up 3.92% and Vital Healthcare Property Trust was up 2.73%.
The losers in today’s trade were Metro Performance Glass Limited (NZX: MPG), down 4.7%, Steel and Tube Holdings Limited (NZX:STU), down 4.64%, Chatham Rock Phosphate, down 4.58%, Cannasouth Limited (NZX:CBD), down 4.35%, and Winton land Limited (NZX:WIN), down 3.93%.
Among the movers and shakers, Fisher and Paykel (NZX:FPH) jumped 3.7%, having dipped in the last few days. Meridian Energy was up 2.6% and Auckland Airport (NZX:AIA) gained 1.4%. Spark NZ Limited (NZX:SPK) was another gainer, up 1.2%. Among energy majors, Contact Energy (NZX:CEN), which went ex-dividend today, lost 0.2%.
source: © 2022 Kalkine Media®
Global Markets
On Wall Street, the S&P 500 was up 1.8%, the blue-chip Dow Jones Industrial Average rose 1.4%, and the technology-heavy NASDAQ jumped 2.1%. Trying to regain the loss in August, indices have performed well in September so far. However, analysts are saying that Wall Street will see volatility again ahead of the next Fed interest rate policy announcement on 21 September.
In Europe, the futures market indicated a rally later in the session despite an expected ECB hike and worries about the energy crisis. The Euro Stoxx 50 futures rose 0.4%, and the FTSE futures edged up 0.09%.
Asian stocks rallied on Thursday with China being an exception as a weak date added more pressure to the already COVID-19-hit economy.
Japan's Nikkei share average jumped 2.18%, and Hong Kong’s Hang Seng was down 0.35%.
Closer home, Australia’s benchmark, the S&P/ASX200 Index, jumped 1.5% to 6835, and markets rose across Asia.
Oil Prices
Oil prices rose slightly from the week’s lows. Brent crude, the international standard, gained 68 cents to US$88.68 a barrel.
Gold prices remained low on Thursday as the US dollar hovered near its recent peak on aggressive US Fed rate hike expectations. Fed officials said on Wednesday that they were still not convinced that the US inflation would edge lower in the upcoming period.