Cyber Attacks on the NZ stock exchange, why NZX 50 hit an all-time high, my 3 company losers and 1 winner over the last week. You will learn all that and other top news digest.
The exchange has been hit 4 days in a row with DDoS attacks since Tuesday which have shut down trading.
The attack landed in the biggest week of earnings season, pulling attention away from the 10 companies in the top 50 reporting earnings.
NZX Ltd share price did not suffer much. It dropped only 1% after a week of cyber-attacks.
They’ll be doing a lot of soul searching and figuring out where they need to spend more money to make the system solid. We can’t have this going on.
Neither cyber attacks nor the Covid disruption could stop this. Against all odds, the New Zealand sharemarket hit a new all-time high. It passed the previous record of 12,070 set on February 21 this year.
When the index hit a low of 8500 points on March 23, just before the nationwide Covid lockdown, few if any would have foreseen it reaching new heights within 5 months as economic uncertainty became the new normal.
While businesses closed, job losses mounted, and the government kept pumping in new financial support, the sharemarket was unshaken, rising an unexpected 37%.
It was fuelled by the low interest rates and a rush of new investors – online trading platform Sharesies took on 95,000 extra customers during the lockdown – looking to place their money elsewhere than in the low deposit rates of the banks.
ANZ announced that they predict the RBNZ will cut the official cash rate to -0.25% in the first half of next year. One thing negative interest rates will drive upward the stock prices, with investors seeking growth, return and yield.
Cannasouth which announced its six months result, showing revenue of $58,000 and a loss of $1.5m compared with a loss of $820,000 for the previous corresponding period. The medicinal cannabis company has cash on hand of $11m, and its share plunged 37% from an all-time high.
Investors are speculating on the outcome of the cannabis referendum now that medicinal cannabis is already legal, and a lot of volume is coming into the share trading.
Vista Group. The share price surged by 19% after its first half result, reporting revenue of $45 million, down -34% from the same time last year, as well as EBITDA of -$6.5 million. Despite the loss, the market had anticipated a more negative result. Investors may have liked a comment from management that the company is seeing 'early indications' of reasonable demand once new content is available.
Learn other tips at https://www.MaximSherstobitov.NZ/
Subscribe on YouTube now so you do not miss the next video ➜ https://www.youtube.com/channel/UCHIw-Ej9kivd77bavBCnatQ?sub_confirmation=1
➔ Facebook Page - https://www.facebook.com/MaximSherstobitovPage/
➔ Instagram - https://www.instagram.com/maxim.sherstobitov/
➔ LinkedIn - https://www.linkedin.com/in/maximsherstobitov/
➔ Subscribe to the Podcast
➔ Join my exclusive weekly newsletter http://eepurl.com/gcmTU9
IMPORTANT:
- The information does not constitute financial, accounting or legal advice and we cannot be held liable for any acts or omissions that arise from your use.
- Everything on this channel is for educational purposes only. It does not take into account your investment objectives, financial situation and personal needs.