Match Group owns a variety of dating apps including Tinder. Photo / 123RF
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
All major US indices were in the green at the time of writing. The S&P 500 climbed 1.6 per cent, the Nasdaq jumped 2.6 per cent and the Dow Jones Industrial Average rose 1.4 per cent.
These gains may have been driven by a better-than-expected result from the ISM non-manufacturing purchasing manager index which increased to 56.7 from 55.3. The market consensus estimated the result to come out at 54.
All sectors but one experienced gains over the day. Information technology, communication services and consumer discretionary drove the index, up 2.7, 2.6 and 2.4 per cent respectively.
The only sector in the red was energy, down 2.7 per cent.
Moderna was the best performer, up 16.2 per cent. The company rallied on the announcement of its second quarter results which had revenue at US$4.7 billion.
Moderna also noted that it had to write off US$500 million worth of expired Covid-19 vaccines.
PayPal was also in the green with a share price increase of 9.5 per cent. PayPal commented that restructuring costs of job cuts in the second quarter amounted to US$71 million but that it will save US$260 million this year as a direct result of the cuts.
NortonLifeLock rounded out the top three stocks rising 6.7 per cent. This followed the announcement of its confirmed US$8.6 billion acquisition of cybersecurity company Avast.
Solaredge Technology was the biggest detractor of the index after missing market expectations for its second quarter results. Although revenue was up 11 per cent this quarter, investors were focused on the earnings per share of US$0.95 as the market was expecting about US$1.39.
Following closely behind was online dating services provider Match Group.
The company's share price dropped 17.0 per cent after reporting a second quarter loss of US$31.9 million alongside an announcement that Tinder's chief executive Renate Nyborg resigned.
Charles River Laboratories declined 9.2 per cent after reducing full year guidance. They provided guidance regarding revenue growth at 9-11 per cent, downgrading from 13.5-15.5 per cent for the full year result.
Rest of the World
Asian markets had mixed results, the Shanghai Composite was down 0.7 per cent, the Nikkei climbed 0.5 per cent and the Hang Seng increased 0.4 per cent.
Regaining some of Tuesday's losses, all European markets were in the green at the time of writing. The FTSE, the CAC and the DAX were up 0.5, 1.0 and 1.0 per cent respectively.
Commodities
WTI Crude Oil lost all of Tuesday's gains and more, slipping 3.6 per cent to US$91.00 per barrel.
All major metals were in the red, gold was down 0.7 per cent and palladium continued its decline losing another 4.1 per cent.
The US 10-Year Treasury Rate increased three basis points to 2.774 per cent.
Bitcoin and Ethereum were both in the green, up 2.5 and 2.0 per cent respectively.
New Zealand
The NZX 50 continued its trend upwards, advancing 1.5 per cent to 11,705 points.
Retirement village operator and developer Summerset Holdings was the top performer of the index yesterday, rallying 3.4 per cent.
There does not appear to be any news related to this movement.
The company's 2022 half year results will be released on 23 August.
Construction company Fletcher Building also performed well, improving 3.3 per cent. The company will release its 2022 full year results on 16 August.
The a2 Milk Company continued its ascent, adding 0.9 per cent. The company's acknowledgement of media speculation on Tuesday evening was followed by the trading halt being lifted and the resumption of trading in its ordinary shares yesterday.
Precinct Properties was the biggest underperformer of the index, reducing 2.4 per cent. The company's 2022 full year results will be released on 18 August.
Transport technology company EROAD continued its negative performance, dropping 2.4 per cent. Closing out the bottom movers was cancer diagnostics company Pacific Edge, slipping 1.9 per cent.
Stats NZ reported that the seasonally-adjusted unemployment rate for the June 2022 quarter was 3.3 per cent.
This is marginally higher than the previous quarter, up 0.1 per cent, and against market expectations which largely predicted a decline.
Stats NZ also announced that wage growth had strengthened, with the labour cost index salary and wage rates rising 3.4 per cent in the quarter.
This represents the largest increase since late 2008.
Australia
The ASX 200 slid 0.3 per cent yesterday.
Sectors were mostly in the red with nine of 11 trading lower. Information technology rose 2.2 per cent and the materials sector was up 0.4 per cent.
Conversely, consumer discretionary dropped 1.2 per cent, consumer staples declined 0.9 per cent and financials and utilities were both down 0.9 per cent.
Pinnacle Investment Management Group was the top performer, up 12.2 per cent after releasing its 2022 financial highlights and investor presentation.
Net profit after tax was A$76.2 million, up 14 per cent from A$67.0 million in the prior financial year and diluted earnings per share was up 8 per cent to A$39.5 cents.
Fintech company Tyro Payments gained 9.6 per cent and buy-now-pay-later firm Zip Co rose 8.6 per cent.
On the other hand, Centuria Industrial REIT was the biggest underperformer dropping 4.0 per cent ahead of its earnings announcement today and Star Entertainment Group declined 3.6 per cent.
ASX, the Australian stock exchange operator, rounded out the bottom movers with a decrease of 3.4 per cent after announcing a delay to its replacement project schedule for its Clearing House Electronic Sub-register System (CHESS), which is used by the company to manage share transaction settlements and to record shareholdings.
The Australian Bureau of Statistics released its retail trade data yesterday which showed retail sales volumes increased 1.4 per cent in the June quarter to reach a new record level.
• For more information on the latest market moves, get in touch with Jarden.
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
