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Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
The major US indices were mixed at the time of writing. The S&P 500 was up 0.1 per cent, the Nasdaq was down 0.6 per cent and the Dow Jones Industrial Average was up 0.6 per cent.
The biggest gainers were energy and health, up 3.4 and 1.0 per cent at the time of writing. Consumer discretionary was the only sector with material losses, down 1.4 per cent.
As oil prices continue to rise, the top three performers at the time of writing were oil and petroleum producers. Occidental Petroleum Corp led the pack, up 6.6 per cent. This brings Occidental's price to its 52-week high. APA Corp and Marathon Oil Corp followed closely, rising 5.0 and 4.2 per cent respectively.
Twitter experienced some of the largest losses during the day, dropping 6.7 per cent. This brings its share price back down to levels seen before Elon Musk's proposed purchase of the company, following news that the process was 'on hold'.
Signature Bank fell 6.0 per cent after releasing a mid-quarter update that reported total deposits were down US $1.39 billion.
Online travel company Expedia closed out the bottom three movers with a 5.2 per cent decline. This brings Expedia down 28 per cent from the start of the month.
Tesla declined 5.1 per cent at the time of writing. For the year to date this brings Tesla down 39.1 per cent.
Rest of the World
Markets in Asia were also mixed with the Shanghai Composite down 0.3 per cent while the Nikkei and the Hang Seng increased 0.5 and 0.3 per cent respectively.
In Europe, the FTSE was up 0.6 per cent, the DAX dropped 0.5 per cent and the CAC fell 0.2 per cent.
Commodities
Oil prices climbed 3.5 per cent up to US$114.34 per barrel.
Gold experienced a small gain of 0.5 per cent while silver and palladium jumped up 2.7 and 4.1 per cent respectively.
The US 10-Year Treasury rate declined four basis points down to 2.888 per cent.
The cryptocurrency market was largely in the red. Bitcoin and Ethereum fell 1.6 and 3.1 per cent respectively.
New Zealand
The NZX 50 was down a slim 0.1 per cent last night, with the 2022 Budget due to be delivered by the Government on Thursday.
Investore Property was the top performer with a rise of 2.7 per cent.
Skycity gained 2.6 per cent and The a2 Milk Company increased 2.5 per cent, both rising from their 52-week lows on Friday.
Ryman Healthcare dropped of 7.8 per cent and Precinct Properties was down 3.3 per cent at close.
Oceania Healthcare rounded out the bottom performers, down 3.0 per cent.
The Government announced its Emissions Reduction Plan yesterday for working towards a target of "100 per cent renewable energy by 2030". It includes plans to ban electricity companies from investing in new baseload generation from fossil fuels like coal and gas.
Further plans include bans or penalties for high emitting cars and an aim for more than a third of cars on the road to be electric.
For the budget announcement on Thursday, commentators are also expecting there to be a big focus on health.
Australia
The ASX 200 closed in the green yesterday, up 0.3 per cent to 7,093 points.
Industrials led the market with a 2.4 per cent rise. Information technology followed with a 2.1 per cent improvement, while telecommunications services gained 0.7 per cent.
Three of the 11 sectors finished lower. Healthcare dropped 0.6 per cent, followed by materials (-0.5 per cent) and consumer discretionary (-0.1 per cent).
Logistics company Qube Holdings outperformed yesterday (+5.8 per cent). Qube announced the completion of a A$400 million share buyback at A$2.59 per share. The 154 million shares bought back constitutes 8.0 per cent of issued capital.
Lithium producer Pilbara Minerals followed with a 5.3 per cent increase.
On the flip side, biotechnology company Imugene decreased 5.7 per cent. Buy now pay later firm Zip* Co fell 4.0 per cent and medical device company PolyNovo closed 3.9 per cent lower.
Goodman Group confirmed forecast earnings per share growth of 23 per cent for financial year 2022, along with a full year dividend of A$0.30 per share. The real estate investor saw strong occupancy (98.7 per cent) across their portfolio as of 31 March 2022, as demand for warehousing in urban locations intensifies.
Goodman noted supply chain pressures driven by Covid-19 and geopolitical tensions have resulted in cost increases and execution challenges for the business. Goodman stock declined 0.6 per cent.
Cooper Energy announced revised guidance for financial year 2022. The listed energy firm upgraded its underlying earnings before interest, taxes, depreciation, amortisation, and exploration expense (underlying EBITDAX) range from A$53 to 63 million, to A$57 to 68 million.
Cooper noted robust recent performance at the Orbost Gas Processing Plant, located in the Gippsland Basin in south-eastern Australia. The firm expects increases in spot market wholesale gas prices on Australia's east coast to continue. Cooper Energy improved 5.7 per cent.
*Jarden is advising Zip Co on the acquisition of Sezzle Inc.
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Disclaimer: The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
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