AUS
NZ
UK
CA
USA
IND
Highlights
- Consumer stocks enjoy the patronage of consumers regardless of how the economy performs.
- SkyCity Entertainment Group declares equity investment completion in Gaming Innovation Group.
- Sky Network Television witnesses the inclusion of a new independent director.
Broadly speaking, consumer stocks are those which enjoy strong brand loyalty among customers as well as investors irrespective of market conditions. However, as the economy booms, people tend to spend more on these stocks and vice versa.
With this overview, let us look at the two NZX-listed consumer stocks - SkyCity Entertainment Group Limited (NZX:SKC) and Sky Network Television Limited (NZX:SKT) that can be explored this month.
Source: © 2022 Kalkine Media® data source- EODHD/Others
SkyCity Entertainment Group Limited (NZX:SKC; ASX:SKC)
SkyCity Entertainment Group Limited is an NZ-based leisure and entertainment group. Today, it has announced completing an equity investment worth NZ$25 million in GiG, i.e., Gaming Innovation Group.
As a result, SKC is now the largest independent shareholder in GiG and its CEO, Michael Ahearne, will be a part of GiG’s Board.
It must be noted that Gaming Innovation had recorded a solid FY21 result and SKC, as a strategic shareholder, looks forward to supporting GiG’s future success.
On 4 April, at the time of writing, SKC was trading flat at NZ$2.890.
Do Read: SkyCity (NZX:SKC): What is its strategic plan and FY22 outlook?
Sky Network Television Limited (NZX:SKT; ASX:SKT)
Sky Network Television Limited, NZ’s leading broadcasting company, has recently announced the appointment of an independent director, Mark Buckman.
Also Read: RAK, SKT: 2 NZX small-cap growth stocks to look at this month
He has immense experience in technology, digital innovation, customer engagement, media and broadcasting and also boasts strong advisory and governance credentials.
On 4 April, at the time of writing, SKT was down by 0.69% at NZ$2.880.
Bottom Line
As income levels increase, people often spend more on luxury and non-essential items; however, the same is generally ignored during adverse times.