All 11 sectors traded higher with the market at the time of writing. Communications services and materials gained 3 per cent a piece, followed by industrials (+2.9 per cent).
Clothing company PVH Corp, owner of the Tommy Hilfiger and Calvin Klein brands, led single stocks with an 8.4 per cent gain. PVH announced the hiring of H&M's head of global supply chain David Savman as executive vice president and chief supply chain officer.
Hotel and casino operator Caesars Entertainment traded 8 per cent higher at the time of writing. Technology company Match Group, owner of dating sites Tinder and Hinge, improved 7.7 per cent.
Signature Bank traded 8.2 per cent lower against the run of play.
IBM slid 6.1 per cent. The technology company cautioned that US dollar appreciation could result in a foreign exchange hit of US$3.5 billion. IBM cut its cash forecast for 2022, calling for consolidated free cash flow of US$10 billion, reduced from a range of US$10 billion to US$10.5 billion.
Pharmaceutical and consumer goods company Johnson & Johnson rounded out the underperformers with a 1.6 per cent slide at the time of writing. The company warned of a hit from the strengthening US dollar. Johnson & Johnson cut its full year adjusted profit forecast range to US$10.00 – US$10.10 per share, down from US$10.15 to US$10.35 per share.
Rest of the World
Asian markets were mixed. The Nikkei improved 0.7 per cent, the Shanghai Composite traded flat and the Hang Seng dropped 0.9 per cent.
Commodities
Oil prices were up, with the WTI Crude at US$104.16 per barrel (+1.5 per cent) at the time of writing.
At US$1,709.30 an ounce, gold was down 0.1 per cent.
Cryptocurrencies Bitcoin and Ethereum traded 8.3 and 7 per cent higher, respectively.
The benchmark US 10-Year Treasury yield edged slightly higher to 3.021 per cent.
New Zealand
The NZX 50 traded flat yesterday.
Sky Network Television was the top performer, rising 3.5 per cent after confirming it is in advanced discussions with World Rugby to negotiate a wide-ranging rights deal to secure World Rugby's premium competitions for Sky's customers over several years.
Heartland Group increased 2.9 per cent alongside a 2.5 per cent gain from New Zealand's stock exchange operator NZX.
On the flip side, road charging and services provider EROAD was the biggest decliner, down 2.3 per cent. Film technology company Vista Group International fell 1.8 per cent and distribution and transport provider Freightways lost 1.6 per cent.
NZ Automotive Investments dropped 27.7 per cent after advising that all non-executive directors as well as executive director Eugene Williams have resigned.
Vital Healthcare was up 0.2 per cent after announcing a $85 million property revaluation gain is anticipated for the six months ended 30 June 2022, which represents a 3 per cent increase since 31 December 2021. This is in addition to the $153.2 million recorded for the six months ended 31 December 2021.
Outdoor, lifestyle and sports company KMD Brands dipped 0.9 per cent after announcing that the Kathmandu brand CEO, Reuben Casey, has given notice of his resignation.
Australia
The ASX 200 slipped after Monday's performance, closing 0.6 per cent lower. Energy and information technology were the best performing sectors, up 4.1 and 3.4 per cent respectively. The key detractors were materials and healthcare, down 0.8 and 0.5 per cent.
For the second day in a row, global investment management business Pendal Group led the ASX 200 outperformers, up a further 7.8 per cent. This follows an announcement that discussions are taking place regarding a potential acquisition by investment advice company Perpetual Ltd. (-1.8 per cent). Perpetual noted that the discussions are "high-level, preliminary" and "conditional". Additionally, Pendal Group stated that there is no certainty that the talks will result in a transaction.
Regenerative medicine company Mesoblast's share price jumped 6.4 per cent. This followed Mesoblast announcing positive results relating to its treatment product for chronic heart failure.
Whitehaven Coal rounds out the top three performers with a 5.3 per cent increase to its share price, bringing it to A$6.21 – a new record since 2011.
Xero and Pointsbet Holdings were the largest underperformers, both down 6 per cent. This brings Xero and Pointsbet 43.4 and 63.2 per cent down respectively, year to date.
EML Payments (-5.0 per cent) saw a small drawback on last week's strong performance.
The Reserve Bank of Australia (RBA) released the minutes from its July meeting. Consensus commentary places the minutes in hawkish territory as further interest rate hikes were outlined. Following the release, the Australian dollar made some small gains against the US dollar, closing 1.3 per cent higher.
Mining and materials company BHP released their quarterly results, which warned of a tight labour market, supply-chain issues, and inflationary pressures. Alongside these warnings, BHP increased their iron-ore guidance for 2023. The share price closed 0.7 per cent down.
• 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
