Carnival shares were up as cruising begins to recover from the pandemic. Photo / File
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
New Zealand
The NZX 50 rose a slim 0.1 per cent yesterday.
Pushpay Holdings rose 3.6 per cent yesterday after having one of the biggest declines in share price on Wednesday.
Synlait Milk also closed in the green, up 3.1 per cent. Even after yesterday's bump, it remains 5.2 per cent down from the start of the year.
Meridian Energy closed out the top three biggest gains from yesterday after increasing 2 per cent. Jason Stein was appointed as Meridian's new chief information officer.
For the second day in a row, Air New Zealand experienced the biggest loss, closing 7.9 per cent lower after trading resumed following the trading halt and announcement of a $2.2 billion recapitalisation on Wednesday.
Tourism Holdings closed with the next biggest decline at 3 per cent.
After increasing 4.3 per cent Wednesday, Fisher and Paykel Healthcare lost some of this gain, declining 1.9 per cent yesterday.
From today, the minimum wage is increasing to $21.20 an hour (from $20 an hour), student allowance is increasing by $25 a week and Working for Families will have tax credit increases.
Restaurant Brands released its annual report yesterday after announcing annual results in February of $1.1 billion in sales and earnings before interest, tax, depreciation, and amortisation of $172.7 million. Restaurant Brands' share price declined 1.5 per cent yesterday.
International
US
All major US indices were in the red at the time of writing. The S&P 500 declined 0.4 per cent, Nasdaq was down 0.5 per cent and the Dow Jones Industrial Average fell 0.5 per cent.
Sectors were mixed, with five out of 11 in the green. The top gainers were utilities (+0.7 per cent), energy (+0.4 per cent) and real estate (+0.3 per cent). Underperformers were communication services (-1.2 per cent), financials (-0.9 per cent) and consumer discretionary (-0.9 per cent).
Top outperformers of the S&P 500 were agriculture fertiliser manufacturers CF Industries Holdings, Carnival Corp and Mosaic Co, rising 4.4 per cent, 4.4 per cent and 3.6 per cent respectively.
CF Industries Holdings has increased 56 per cent since the beginning of February, with the invasion of the Ukraine creating supply constraints, while global demand has increased due to factors such as economic recovery from the pandemic.
Cruise providers Royal Caribbean Cruises and Norwegian Cruise Line Holdings also improved, seeing inclines of 4.4 per cent and 4.2 per cent respectively.
On the flip side, Advanced Micro Devices (AMD) fell 7.7 per cent. PVH Corp also fell 6.5 per cent as news of higher taxes that could potentially have an impact on profits.
HP dropped 5.5 per cent at the time of writing, due to ongoing macro uncertainty around PC sales amid the pandemic.
Rest of the world
Asian markets results were down overnight. The Shanghai Composite fell 0.4 per cent, the Nikkei declined 0.7 per cent and the Hang Seng decreased 1.1 per cent.
European markets also declined. The FTSE was down 0.9 per cent, the DAX dropped 1.3 per cent and the CAC decreased 1.2 per cent.
Commodities
Gold traded 0.7 per cent higher at US$1951.90 per ounce.
WTI Crude Oil dropped 5.1 per cent to US$102.34 per barrel. This follows the White House's announcement on Thursday that the US will be releasing one million barrels of oil a day to combat rising fuel prices and inflation.
Bitcoin decreased 2.5 per cent and Ethereum declined 2.8 per cent.
The US 10-year Treasury rate lost four basis points to 2.323 per cent.
Australia
The ASX 200 closed in the red yesterday, falling 0.2 per cent to 7,499.60 points.
Information technology led the market down with a 2.2 per cent drop and the consumer discretionary sector decreased 1.3 per cent. Materials was one of only three sectors to outperform, increasing 1.5 per cent. Telecommunications services and industrials saw moderate gains of 0.7 and 0.2 per cent, respectively.
Battery materials company Novonix was the top performer, rallying 9.7 per cent against the run of play. Despite this, the firm remains down 41.1 per cent year to date. Iron ore company Champion Iron rose 6 per cent. Mining services firm Mineral Resources improved 4.4 per cent.
Harvey Norman Holdings traded ex-dividend, decreasing 6.3 per cent. Plumbing and bathroom supplies firm Reece also underperformed (-4.8 per cent). Accounting software provider Xero, which is listed on both the ASX and NZX, rounded out the laggards with a 4.6 per cent fall.
Paladin Energy announced a A$200 million fully underwritten placement, as the uranium miner seeks funding to resume production at its Langer Heinrich mine in Western Namibia. Paladin owns 75 per cent of the Namibian mine, which suspended operations in 2018 due to unfavourable uranium prices. Paladin will issue 277.8 million shares at A$0.72 each. A share purchase plan for existing shareholders seeks to raise up to a further A$15 million for the firm. Paladin is currently on a trading halt.
On route to net zero emissions by 2050, Qantas Airways announced a 2030 interim target - a 25 per cent reduction in carbon emissions. The airline's initiatives include increasing fuel efficiency by an annual average of 1.5 per cent until 2030, phasing out single-use plastics by 2027, and increasing sustainable aviation fuel usage to 10 per cent of its fuel mix by 2030, growing to 60 per cent by 2050. Qantas traded 1 per cent lower.
The United States has committed to financing critical mining projects in Australia, as the Biden Administration moves to secure vital mineral supply for applications within the US. The list of crucial minerals includes zinc, nickel, tantalum, aluminium, manganese and lithium – which rank among Australia's key mineral products.
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Disclaimer: Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited. 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
Private equity is seen as a likely buyer for Fonterra's consumer business.