Z Energy,
fell 3.0 per cent as the worst performer of the day after the government announced a rebate scheme for electric cars on Sunday.
Under the scheme, people who buy electric cars are eligible to receive rebates of $8,625 for a new electric car or $5,750 for a new plug-in hybrid car.
Meanwhile, second hand electric and hybrids will receive $3,450 and $2,300, respectively. To fund these rebates, people buying new petrol cars will have to pay a fee of up to $5875 starting in January 2022. Used imported used cars would incur a fee of about $2875.
The scheme will take effect from 1 July onwards, and has been perceived as a headwind for Z Energy, given it may accelerate the shift away from petrol cars in New Zealand.
The top gainers of the day were financial services provider Heartland Group Holdings (+6.1 per cent) and milk powder producer Synlait Milk (+3.9 per cent).
Seafood company Sanford (+3.1 per cent) recovered its losses from Friday, which occurred after the company announced its Chief Financial Officer, Katherine Turner had resigned.
Medical device producer Fisher & Paykel Healthcare (-2.6 per cent), and logistics company Mainfreight (-1.6 per cent) rounded out the worst performers.
INTERNATIONAL
US
US markets were mixed at time of writing. The S&P 500 was down 0.3 per cent, the Nasdaq had risen 0.4 per cent and the Dow Jones Industrial Average was down 0.7 per cent.
Nine of eleven sectors declined. The largest decliners were Materials and Financials, down 1.6 per cent each. The only two sectors to rise were Technology, up 0.6 per cent, and Communication Services, up 0.8 per cent.
The best performing stock was medical device and software company Resmed, who competes in a similar arena with NZX-listed Fisher and Paykel Healthcare. The stock advanced 4.7 per cent to a new 52-week high.
Another outperformer was online marketplace Etsy which rose 3.5 per cent – possibly on dip buyers viewing the stock's decline last week as an opportunity to buy.
Meanwhile, oilfield services company Baker Hughes was the worst performer today, falling 4.7 per cent after the announcement of a drilling agreement with European based Block Energy (which gained 4.9 per cent). Glass and cermaics manufacturer Corning (-4.4 per cent) and mining company Mosaic co (-4.4 per cent) rounded out the worst performers in the S&P 500.
Asia
Asian indices were also mixed. The Shanghai Composite fell 0.6 per cent, the Hang Seng rose 0.4 per cent and the Nikkei rose 0.7 per cent.
Commodities
Gold fell 0.8 per cent to US$1,865.30 per ounce.
Cryptocurrency moves saw Bitcoin up 6.5 per cent today and Ethereum 5.2 per cent higher to continue a volatile last week.
The US-10 year bond currently trades at 1.499 per cent, still sub-1.5 per cent following the US CPI announcement last week.
The oil price rose 4 basis points, with WTI Crude trading at US$70.94.
Australia
The ASX was closed due to the Australian observation of Queens Birthday yesterday.
Coming up Today:
No planned releases domestically, although US retail sales numbers will be released tonight which may give another read on how the wider economy is progressing.
The Reserve Bank of Australia will also be releasing its weekly minutes, which economists and market analysts tend to watch for any comments - especially regarding the financial sector, housing or the cash rate.
• For more information on the latest market moves, get in touch with Jarden.
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