Aerospace and defence contractor Lockheed Martin was up 2.8 per cent at the time of writing after a first quarter earnings release exceeded expectations and it reaffirmed its full-year guidance.
Johnson & Johnson was down 2.7 per cent following a quarterly results release. The company reported a net loss of US$68 million driven by its talc-based baby powder troubles and costs from its upcoming spin-off of its consumer health business.
J&J last year said it would stop selling talc-based baby powder globally, more than two years after thousands of consumer safety lawsuits led to it ending sales in the US. Some lawsuits claimed the baby powder caused cancer.
Southwest Airlines declined 1 per cent after computer issues on Tuesday led Southwest to ground flights around the US. At least 36 per cent of Southwest’s schedule was delayed.
Commodities
Brent Oil is currently trading flat at US$84.70 a barrel, while gold is trading up 0.5 per cent and above the US$2,000 mark at US$2004.30 per ounce.
The US 10-year Treasury bond declined two basis points to a yield of 3.59 per cent.
New Zealand
The NZX 50 eased off 0.4 per cent yesterday.
Pacific Edge rose 1.1 per cent yesterday as it released its fourth quarter shareholder update showing test volumes processed in its laboratories the fourth quarter of its 2023 financial year increased to 8,878 tests, a 14 per cent rise on the 7,768 tests in the prior quarter.
This record test number represents a 42 per cent increase on the same quarter of the prior year and brings total volumes for financial year 2023 to 31,566 – a 37 per cent year on year increase.
The Port of Tauranga has gone back to the Environment Court with new mitigation offers to local Māori as it seeks approval for expansion, but has lifted its cash offer only slightly to $4.025m.
REINZ House Sales data released shows that March sales were at a 12-year low with 5877 residential properties sold, down 15 per cent on March last year.
The national median selling price was $775,000 in March, down by $150,000 from its November 2021 peak.
Australia
The ASX 200 traded down 0.3 per cent as minutes from the Reserve Bank of Australia indicated the Australian Cash rate may move higher in May.
The Reserve Bank of Australia revealed its decision to pause its aggressive interest-rate-hiking strategy was a close call, and warned that more hikes may be needed to combat inflation.
The energy sector lost 1.9 per cent, with Woodside down 2.4 per cent and Santos falling 1.9 per cent. Cooper Energy released its March 2023 quarterly production update and subsequently declined 2.9 per cent yesterday.
Telix Pharmaceuticals rose 12.7 per cent on a trading update from Monday, with US demand continuing to grow at a higher rate than expected as revenue from Illuccix sales rose 27 per cent on the prior quarter.
Coming up today
US: Fed Beige Book. Each Federal Reserve Bank gathers anecdotal information on current economic conditions, publishing this eight times a year,
Eurozone: CPI, Construction Output.
UK: CPI, producer price inflation.
Australia: Westpac Lending Index, Earnings: Atlas Arteria, Perseus Mining.
New Zealand: NZX AGM.
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