Understanding the Performance of S&P/NZX50 on August 6, 2020

  • Aug 06, 2020 NZST
  • Team Kalkine
Understanding the Performance of S&P/NZX50 on August 6, 2020

On August 6, 2020, S&P/NZX50 ended the session in green as the index witnessed a rise of 0.06% to 11,765 while S&P/NZX20 witnessed a rise of 0.03% to 7,870. On the other hand, S&P/NZX10 has witnessed a marginal fall of 0.05% to 12,513.

S&P/NZX All Utilities ended the session in green as there was a rise of 1.94% and S&P/NZX All Consumer Staples ended in red as there was a fall of 1.83%.

On August 6, 2020, the share price of Sky Network Television Limited (NZX: SKT) ended the session in green as there was a rise of 6.92% on an intraday basis to NZ$0.139 per share. Also, the stock of Contact Energy Limited (NZX: CEN) rose by 5.54% to NZ$6.290 per share.

The following image provides a broad overview as to how the share price of CEN has trended in the span of past one year:

Stock Performance (Source: NZX)

Stock Performance (Source: NZX)

TGG Zooms Up 7.69%

T&G Global Limited (NZX: TGG) came forward and made an announcement about the unaudited financial results for 6 months ended June 30, 2020. The company stated that performance has been improved on same period last year, and TGG also witnessed increased revenue as well as operating profit.

The company’s revenue stood at $671.3 Mn, reflecting a rise from $560.8 Mn while its operating profit stood at $19.5 Mn, implying an increase from $6.2 million. Notably, its net profit after tax stood at $9.5 Mn.

The company’s Chief Executive, Gareth Edgecombe, stated that despite of coronavirus challenges, the company’s results reflect that its ongoing transformation is helping to shift the business forward.

A Recent Update on AMP

AMP Limited (NZX: AMP) has made an announcement that Alex Wade, CEO of AMP Australia, would be stepping down from the role.

As per the release, there has been acceptance of the resignation and AMP has confirmed that Mr Wade would be leaving the business.

Blair Vernon, CEO of NZWM (or New Zealand Wealth Management), has been appointed as Acting CEO of AMP Australia. However, a process is being conducted in order to find a permanent replacement. Mr Vernon would be commencing in the role immediately, and Jeff Ruscoe would be replacing him as Acting CEO, NZWM.


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