A Las Vegas entertainment and accommodation company had a stellar day but others slumped in overnight trading. 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 red at the time of writing. The S&P 500 was down 1.9 per cent, the Nasdaq dropped 2.8 per cent and the Dow Jones Industrial Average fell 1.4 per cent.
All except two of the 11 sectors were in the red. The sectors moving against the grain were energy and utilities, up 2.0 and 0.2 per cent, respectively.
On the flip side, consumer discretionary was down 3.3 per cent, communication services lost 2.3 per cent and technology decreased 2.1 per cent.
Semiconductor company Qualcomm was the top performer, up 5.5 per cent. This comes after a prominent analyst said it is likely Apple will use the company's 5G modems in their 2023 iPhone models.
Entertainment and accommodation companies Las Vegas Sands and Wynn Resorts rose 4.9 per cent and 3.9 per cent, respectively. These moves may be related to the easing of Covid-19 restrictions in China.
Conversely, e-commerce company Etsy appeared in the bottom movers again today with a drop of 8.0 per cent. Energy management technology company Enphase Energy decreased 7.7 per cent and photovoltaic (solar power) solutions provider SolarEdge Technologies declined 6.7 per cent.
Nike slid 6.3 per cent to hit a new 52-week low. Despite the company topping Wall Street's earnings and sales expectations for the fiscal fourth-quarter, they expect low double-digit revenue growth for the full year 2023.
Occidental Petroleum rose 3.1 per cent after news that Warren Buffett's Berkshire Hathaway increased its stake in the oil and gas exploration company by US$44 million.
Rest of the World
Asian markets were in the green overnight. The Shanghai Composite rose 0.9 per cent, Nikkei increased 0.7 per cent, and the Hang Seng was up 0.9 per cent.
European markets were also in the green. The FTSE inclined 0.9 per cent, the DAX was up 0.4 per cent and the CAC gained 0.6 per cent.
Commodities
Gold traded 0.2 per cent lower to US$1,821.4 per ounce, while silver lost 1.8 per cent to US$20.8 per ounce.
Oil performed well, rallying 1.8 per cent to US$111.56 per barrel.
The cryptocurrency market was in the red, with Bitcoin declining 1.1 per cent and Ethereum down 1.6 per cent.
The U.S. 10-Year Treasury rate rose one basis point to 3.200 per cent whilst the 30-year rate was flat at 3.303 per cent.
New Zealand
The NZX 50 continued its positive start to the week and closed 0.2 per cent higher as investors continue to monitor inflation and interest rates. The New Zealand share market may await reaction from overseas as Russia has defaulted on its foreign debt for the first time since 1918.
The energy stocks were active. Electricity generation company Manawa Energy led the outperformers, up 2.9 per cent. Contact Energy rose 2.1 per cent. Mercury and Genesis also joined the top six performers, up 1.9 and 1.7 per cent respectively.
Yesterday, the Electricity Authority ruled that Contact Energy and Genesis played no part in power blackouts last August, as part of an investigation after several retailers claimed the two big generators caused an undesirable trading situation that spiked wholesale prices.
Milk products distributer a2 Milk rose 2.2 per cent, ending the trading session with the second most positive movement.
On the flip side, freight technology company EROAD declined 6.2 per cent. Restaurant Brands and healthcare company Pacific Edge rounded out the bottom movers, both falling 4.2 per cent yesterday. Pacific Edge is down 48.1 per cent year to date.
ASB is joining ANZ in temporarily halting new mortgage lending to borrowers with less than a 20.0 per cent deposit.
Both banks recognise they're coming up against the Reserve Bank of New Zealand (RBNZ) limits, which have been imposed through the loan-to-value ratio (LVR), on the amount of lending they are allowed to prescribe against borrowers' equity.
Australia
The ASX 200 continued its upward trend yesterday, rising 0.9 per cent to 6,763.6 points.
Six of the 11 sectors closed in the green, led by energy (+3.6 per cent). Followed closely by utilities and materials, up 3.2 per cent and 3.0 per cent, respectively.
Conversely the worst performing sectors were consumer discretionary (-1.3 per cent), information technology (-0.6 per cent) and telecommunication services (-0.5 per cent).
Restaurant company Collins Food Limited was the top performer on the index yesterday, improving 11.5 per cent.
Yesterday, the company announced its full year results ending 1 May 2022. Revenue was AU$1,184.5 million, 11.1 per cent higher than the previous period. AU$58.4 million in net profit was recorded, a 47.2 per cent jump from the AU$37.3 million in the prior year.
Underpinning this growth was the KFC merchant's European performance, posting a 41.2 per cent increase in revenue to AU$190.4 million.
Medical device company PolyNovo and fuel exploration company Beach Energy rounded out the top movers, advancing 7.3 per cent and 7.0 per cent, respectively.
Following Monday's top performance, immuno-oncology biotechnology company Imugene was the biggest underperformer in the index, falling 10.4 per cent.
Financial technology company Tyro Payments declined 9.8 per cent, the stock is now (-72.7 per cent) year to date. Closing out the bottom movers was wagering services operator Pointsbet Holdings, down 8.6 per cent, (-63.7 per cent) year to date.
Australia's 2021 Census data was released by the Australia Bureau of Statistics yesterday. Roughly 25.4 million people participated in the census, an 8.6 per cent increase from 2016, potentially prompted by the Covid-19 lockdowns.
The population has more than doubled from the 12 million figure recorded 50 years ago. Overall, the data highlights a more culturally diverse Australia when compared to the 2016 census.
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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
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