Short Opportunity in Kiwi

23 Jul 2021

The S&P/NZX 50 went up 15 points or 0.1% to close at more than a week high of 12,736 on Friday, gaining for the third straight session and ending the week 0.5% higher, amid strong US earnings reports, with results from AT&T, Abbot, Biogen, and Blackstone surprising on the upside. Investors also shrugged off news that US initial jobless claims unexpectedly rose to a two-month high in the latest week Meantime, the IMF said Thursday that the US Fed has been “highly effective” at managing the COVID-19 crisis and supporting recovery with its commitment to overshoot a 2% inflation target in the near term. On the pandemic front, Prime Minister Jacinda Ardern said New Zealand will pause its quarantine-free travel arrangement with Australia for at least eight weeks starting Friday night. Chatham Rock Phosphate Ltd jumped 6.2%, while NZME Ltd climbed 5.2%.