Investors might be reacting to cuts in Apple production following weakening demand for some recent products. Photo / Supplied
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
The major US indices were all up at the time of writing. The Dow Jones Industrial Average and the S&P 500 both gained 1.6 per cent. The Nasdaq was close behind, up 1.4 per cent.
Sector performance was in the green across the board, led by energy which gained 3.1 per cent.
Communication services and materials rose 2.8 and 2.2 per cent, respectively.
Leading the S&P 500 higher was biopharmaceutical company, Biogen, which jumped 37.7 per cent at the time of writing. This followed news of positive experimental results for a new Alzheimer's Drug and consensus analyst upgrades for the firm. In participants with early-stage Alzheimer's, the drug Lecanemab was shown to have slowed progress of the disease by 27 per cent compared to the placebo.
Drug manufacturer Eli Lilly and Co rose 8.0 per cent, hitting a new 52-week high. The business is currently running a similar drug study to that of Biogen.
Entertainment services provider Netflix gained 7.8 per cent.
Booking the biggest losses was apparel business, VF Corporation, losing 3.1 per cent. The company set a new 52-week low following the move.
Another company with a fresh annual low in their share price was medical device manufacturer, Align Technology, down 2.6 per cent at the time of writing.
Lastly, technology device manufacturer Apple fell 2.3 per cent. Investors may be reacting to cuts in production following weakening demand for the most recent product release.
Rest of the World
Major indices in Asia were down. The Hang Seng dropped 3.4 per cent while the Shanghai Composite and Nikkei fell by 1.6 and 1.5 per cent, respectively.
Conversely, European markets were in the green today, with the DAX, FTSE, and the CAC up 0.4, 0.3, and 0.2 per cent, respectively.
The Bank of England has delayed its plan to start the selling bonds and will begin buying long dated bonds instead. The Monetary Policy Committee's plans to reduce bond holdings by £80 billion annually is now deferred to 31 October.
Commodities
Energy futures are up across the board. WTI Crude Oil rose 3.6 per cent to US$81.36 per barrel while natural gas gained 1.3 per cent.
Metal futures are also in the green. Gold increased 1.9 per cent to US$1,666.9 per ounce while silver rose 2.6 per cent.
Bitcoin and Ethereum have increased 2.2 and 0.6 per cent respectively.
The US 10-Year Treasury Rate lost 21 basis points, to 3.75 per cent.
New Zealand
The NZX 50 decreased 0.9 per cent yesterday, closing at 11,120 points.
Leading the market was agribusiness firm Scales, up 4.9 per cent, reversing some of Tuesday's losses.
Dairy company, Synlait Milk, increased 4.8 per cent. The firm recently released full year results with reported net profit after tax of $38.5 million and a 21 per cent increase in revenue, to $1.66 billion.
Electricity and gas distributor Vector gained 3.2 per cent on no apparent news.
On the flip side, film technology company, Vista Group, and retailer Warehouse Group both fell 6.1 per cent. The Warehouse Group yesterday reported a decline in net profit of 19.3 per cent to $87.1 million in its full year 2022 results.
Fonterra Co-operative Group's managed investment, the Fonterra Shareholders Fund, decreased 5.0 per cent.
On Tuesday, New Zealand's Primary Production Committee announced they were seeking public submissions on the Dairy Industry Restructuring (Fonterra Capital Restructuring) Amendment Bill.
The bill would allow the fund to be partially and permanently delinked from Fonterra. Also in the news, Fonterra Co-Operative Group is partnering with energy storage company PolyJoule regarding an application for a battery made from electrically conductive polymers.
Telecommunications company Vodafone New Zealand has announced it is rebranding to One New Zealand.
The business was purchased by investment firm Infratil (-0.9 per cent) and Canadian company Brookfield Asset Management for $3.4 billion back in 2019 from Britain's Vodafone Group.
The cost of the continued use of Vodafone branding rights since then has been estimated to be in the range of $20 million to $30 million a year.
Australia
The ASX 200 closed in the red yesterday, falling 0.5 per cent to 6,462 points, setting a new 50-day low.
Eight of the 11 sectors finished lower, led by information technology, down 1.6 per cent. Consumer discretionary and financial also underperformed, decreasing 1.1 and 0.8 per cent, respectively.
Conversely, the top performing sector was utilities, up 1.9 per cent, rebounding from Tuesday's decline. Telecommunication services rose 1.4 per cent.
Coal company Coronado Global Resources was the index's best performer yesterday, advancing 5.9 per cent, now 24.8 per cent higher year to date.
Gold mining, production and exploration company Ramelius Resources also performed well, improving 5.7 per cent yesterday.
Rounding out yesterday's top movers was coal mining and exploration company Whitehaven Coal, building on Tuesday's performance, lifting 3.9 per cent.
Yesterday's biggest underperformer of the index was biotechnology company Telix Pharmaceuticals, dropping 15.4 per cent, now down 44.5 per cent year to date.
The company announced it has withdrawn its marketing authorisation application in Europe for their investigational product, Illuccix.
The withdrawal is due to the Danish Medicines Agency requesting additional chemistry, manufacturing, and control data at the late stages of review.
Closing out yesterday's bottom movers was mineral exploration and development company Core Lithium and biotechnology company Imugene, dropping 7.6 and 5.3 per cent, respectively.
• For more information on the latest market moves, get in touch with Jarden.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
Jarden is advising Heartland Group Holdings Limited in its announced capital raise.
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/.
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