Understanding the Performance of S&P/NZX50 on July 30, 2020

On July 30, 2020, S&P/NZX50 ended the session in green as the index witnessed a rise of 0.80% to 11,692 while S&P/NZX20 rose by 0.97% to 7,814. On the same day, S&P/NZX10 encountered a rise of 1.21% to 12,391.

S&P/NZX All Consumer Staples ended in green as there was a rise of 2.35% while, on the other hand, S&P/NZX All Energy fell by 1.46%. We would now have a look at the performance of some individual stocks.

On July 30, 2020, the stock price of Ascension Capital Limited (NZX: ACE) rose by 50.00% on an intraday basis to NZ$0.003 per share. On the same day, the share price of Cavalier Corporation Limited (NZX: CAV) increased by 21.88% to NZ$0.390 per share.

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

Stock Performance (Source: NZX)

Stock Performance (Source: NZX)

IKE Ended in Green on July 30, 2020

ikeGPS Group Limited (NZX: IKE) came forward and made an announcement that it has successfully wrapped up institutional placement and institutional entitlement offer. The company stated that new fully paid ordinary shares in IKE offered under institutional placement and institutional entitlement offer are expected to be allotted as well as commence trading on NZX and ASX on August 5, 2020 and would be ranking equally with the existing fully paid ordinary shares.

The company would be raising around NZ$19.7 Mn (A$18.4 Mn) total from placement and entitlement offer supporting recent customer wins, growing sales pipeline, as well as providing capacity for the potential growth opportunities.

A Recent Update by AFT

AFT Pharmaceuticals (NZX: AFT) came forward and made an announcement that it has signed exclusive Maxigesic IV® licensing and supply agreement for Bulgaria, Cyprus, the Czech Republic, Hungary, Romania as well as Slovakia, countries with the combined population of over 53 Mn.

As per the release, agreement is with the Cyprus based multinational pharmaceutical company, Medochemie, which earlier signed a licensing agreement for Maxigesic IV® for Ukraine and 9 countries of Commonwealth of Independent States.

It was also mentioned that Maxigesic IV® regulatory approvals in 6 European countries covered by the agreement are anticipated to conclude in the upcoming few months. Notably, sales are expected in 2021 calendar year.

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