Milk products producer the a2 Milk Company fell 2.4 per cent after acquisition rumours affected trading the day before. A2 Milk supplier Synlait Milk also declined 2.4 per cent yesterday.
Infrastructure company Vector rounded off the bottom movers, down 1.5 per cent.
Other news this week included a warning that kiwi fuel prices could reach over $3 per litre this year, coinciding with global supply chain issues and the current geopolitical tensions in both Ukraine and the Middle East. Currently, many Aucklanders can expect to pay close to $2.80 for standard 91 petrol, which includes the regional taxes and emissions trading scheme levies.
In the latest GS Global Partners World Citizenship Report, New Zealand ranked as the number one country for financial freedom among a survey of 187 countries.
International
US
At the time of writing, the major US indices were rebounding from their losses over the last week. The S&P 500 rose 1.5 per cent, the Dow Jones Industrial Average increased 1.0 per cent, and the NASDAQ rallied 2.3 per cent.
All sectors traded in the green this morning, with technology and consumer discretionary making the biggest gains, up 2.9 and 1.7 per cent, respectively.
Corning Incorporated was the top performer on the S&P 500 at the time of writing, up 13.6 per cent. The materials, science technology and innovation company announced its quarterly earnings results before market-open, to which the market reacted positively.
Runner up was biotech firm and vaccine producer Moderna, rising 7.1 per cent, recovering some of the losses made in previous sessions.
Rounding out the leader board was KLA Corporation, trading 6.0 per cent higher. The supplier of process control and yield management solutions and services for the semiconductor industry seems to have benefitted from the current slightly more upbeat
sentiment about the semiconductor industry for this year.
Heading the bottom movers was F5 Networks, dropping 11.0 per cent. The cloud security company's current quarter guidance fell below analysts' expectations.
Global media company Discovery also underperformed, decreasing 6.6 per cent.
Joining the downward trend was Automatic Data Processing, declining 6.1 per cent. The cloud based human capital management solutions provider announced its second quarter earnings update before market open. The announcement didn't seem to sit well with investors, despite revenue and earnings per share increasing 9.0 per cent compared to the previous corresponding period.
Rest of the World
Asian markets were mixed overnight. The Shanghai Composite rose 0.7 per cent, the Nikkei decreased 9.4 per cent, the Hang Seng traded 0.2 per cent higher, and the Shenzhen was up 0.7 per cent.
Commodities
Gold retreated amid the equity rally, dropping 1.1 per cent to US$1,831.70 per ounce.
The oil price jumped 2.5 per cent to US$87.72 per barrel. This is likely due to continued tensions between Russia and the Ukraine, as well as in the United Arab Emirates, which could impact oil supply.
Cryptocurrencies also turned around and were on the up again this morning. Bitcoin rose 4.0 per cent and Ethereum rallied 7.5 per cent.
The US 10-year treasury rate remained unchanged at 1.785 per cent.
Australia
The Australian market was closed yesterday for Australia Day.
• For more information on the latest market moves, get in touch with Jarden.
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
