It can be said that the performance of stock markets in New Zealand is sensitive to the broader health of New Zealand economy. As the investors are aware, the COVID-19 pandemic has impacted several sectors and industries and it has also weighed over the sentiments of market players. Let us now have a look at the performance of S&P/NZX50.
On May 5, 2020, S&P/NZX50 ended the session in green as there was an increase of 0.14% on an intraday basis to 10,491. On the same day, S&P/NZX20 was down by 0.04% to 7,107 while S&P/NZX10 fell by 0.15% to 11,038.
Asset Plus Limited (NZX: APL) rose by 10.81% while Kathmandu Holdings Limited (NZX: KMD) and Geo Limited (NZX: GEO) ended the session by rising 10.67% and 6.90%, respectively. Notably, Pushpay Holdings Ltd (NZX: PPH) rose by 5.81% on an intraday basis.
On the other hand, Moa Group (NZX: MOA) and QEX Logistics (NZX: QEX) witnessed a fall of 7.06% and 5.88%, respectively on May 5, 2020.
A Quick Look at Market Update by Moa Group
Moa Group Limited (NZX: MOA) came forward and made an announcement about an update on the rights issue, business operations as well as steps the company is taking in response to pandemic.
- MOA’s priority revolves around ensuring the health as well as wellbeing of all the valued staff and customers.
- MOA garnered around $4 Mn of the total $5.2 Mn via rights issue.
- MOA witnessed robust support from existing investors for the offer, and the company has been provided with additional balance sheet strength along with flexibility with regards to growth opportunities in the future.
- MOA has been refining and enhancing the initiatives put in place to manage the impact of pandemic on its business.
KMD Ended the Session in Green
Kathmandu Holdings Limited (NZX: KMD) has provided a business update in which was stated that the company witnessed surge in the online sales as well as digital engagement. As per the release, during the month of April 2020, Kathmandu and Rip Curl traded online in all of the international jurisdictions. KMD’s online sales were 2.5-3 times higher as compared to the last year, and the company experienced highest growth rates in Australia.