On May 12, 2020, S&P/NZX50 ended the session in green as the index witnessed an increase of 0.54% to 10,819 and S&P/NZX20 rose by 0.66% to 7,312. Also, on the same day, S&P/NZX10 ended in green as there was an increase of 0.70% to 11,354.
S&P/NZX All Utilities closed the session on May 12, 2020 in green as there was an increase of 1.79% while, on the other hand, S&P/NZX All Consumer Discretionary witnessed a fall of 1.94%.
We will now have a look at the performance of some individual stocks. On May 12, 2020, SeaDragon Limited (NZX: SEA) witnessed a rise of 43.33% while New Talisman Gold Mines Limited (NZX: NTL) encountered an increase of 14.29% on an intraday basis.
However, Scott Technology Limited (NZX: SCT) ended the session in red as there was a decline of 6.74% on an intraday basis. PaySauce Limited (NZX: PYS) declined by 6.12% while Cannasouth Limited (NZX: CBD) fell by 5.32%.
Recent Update on Moa Group
Moa Group Limited (NZX: MOA) has made an announcement that the company’s renounceable rights issue was strongly supported by the shareholders, as the rights issue closed oversubscribed. There was a raising of total $5.8 Mn with the help of the issue of 41,215,594 new ordinary fully paid shares and was not scaled.
The success of rights issue to garner $5.8 Mn, together with $2.5 Mn placed to the new shareholder in the month of April 2020, brought total capital raised by the company in recent months to $8.3 Mn.
When adjusted for $2.2 Mn of the shares issued to Savor Group vendors, MOA received $6.1 Mn in cash, being net capital raised before the issue costs.
The company also stated that this new capital should ensure that the company’s balance sheet offers flexibility as hospitality industry has been managing negative impact of coronavirus over the coming months as economic conditions are uncertain as well as depressed.
Supply Agreement with MediPharm Labs Australia Pty Ltd
Cannasouth Limited (NZX: CBD) has recently notified the market that it has entered into the supply agreement with MediPharm Labs Australia Pty Ltd for supply of the white label medicinal cannabis products into NZ market.
As per the release, agreement supports a crucial step for CBD in meeting initial business objective for the year, that includes making pharmaceutical grade medicinal cannabis products available to the patients of NZ.