Keeping you up to date with the latest market moves, in association with Investment firm Jarden
New Zealand:
Markets were closed in New Zealand yesterday for Labour Day.
International Markets:
US:
Hertz has placed a huge order for Tesla vehicles. Photo / Getty Images
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US equities were in the green at the time of writing as the S&P 500 hit another record high, up 0.6 per cent, the Nasdaq rose 0.9 per cent, and Dow Jones Industrial Average had risen 0.3 per cent, also to a record high.
The S&P 500 and Dow Jones Industrial Average hit record highs on the back of a surge in Tesla shares and energy company share price increases amidst rising commodity prices.
Outperforming sectors included consumer and energy, which made gains of 1.6 and 1.3 per cent, respectively.
Tesla was up 9.3 per cent at the time of writing to a new 52-week high. This followed news that car rental company Hertz was ordering 100,000 vehicles to build an EV rental fleet by the end of 2022. This is said to be the biggest ever purchase of electric vehicles and added a reported US$4.2 billion in revenue to Tesla.
Coterra Energy rose 5.0 per cent and Nucor had increased 4.7 per cent. Coterra benefitted from rising oil prices, with WTI crude increasing 0.4 per cent overnight, while steel company Nucor likely benefitted from rising commodity prices.
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In contrast, downward pressure on indices was drawn from sector losses of financials, the only sector to decline, down a slim 0.03 per cent at the time of writing.
Ball Corp fell 4.3 per cent as the largest decliner at the time of writing and dental and medical supplies company Henry Schein was down 3.3 per cent.
Consumer products company Kimberly-Clark declined 3.1 per cent. This was off the back of a quarterly earnings release which came in with earnings per share at US$1.62, 3.0 cents lower than market estimates.
Rest of the World Markets:
Asian indices were again mixed overnight. Highlights included the Hang Seng trading flat and Nikkei losing 0.7 per cent while the Shanghai Composite gained 0.8 per cent.
Commodities:
In commodities this morning, gold was trading up 0.6 per cent at US$1,807.50 per ounce. WTI crude oil was up again, increasing 0.4 per cent in the past 24 hours to now trade at US$84.10 per barrel. The US 10-year bond is trading at 1.632 per cent.
Bitcoin gained 4.2 per cent and Ethereum increased 4.0 per cent.
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Australian Markets:
The ASX 200 was in the green yesterday to the tune of 0.3 per cent.
Leading the index upwards were sector gains from energy and basic materials, up 2.4 and 1.1 per cent, respectively. Both sectors have been benefitting from the increase in global commodity prices.
Mineral Resources, Beach Energy, and Ramelius Resources increased 9.0, 5.1, and 4.9 per cent, respectively yesterday. Mineral Resources and Ramelius Resources are both mining companies, with Ramelius Resources benefitting from increasing gold prices. Oil and gas company Beach Energy has increased on the back of rising oil prices.
On the flipside, industrials sector declined 1.0 per cent.
Perpetual decreased 5.2 per cent. The financial services company announced a release of performance rights yesterday.
Kogan.com fell 5.0 per cent, continuing the decline after its AGM last week. The company decreased 45.7 per cent year-to-date.
Australian infection prevention company Nanosonics declined 4.1 per cent, continuing to dip. The company has fallen 32.6 per cent since the beginning of 2021.
• For more information on the latest market moves, get in touch with Jarden.
Disclaimer: This Morning Brief has been prepared in good faith and reflects opinions and views 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. This Morning 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 broker disclosure statement is available free of charge at www.jarden.co.nz. Jarden is not a registered bank in New Zealand. Full disclaimer available at: https://www.jarden.co.nz/limitations-and-disclaimera>
