Alex Mashinsky's Celsius held almost NZ$21.3 billion in assets under management before freezing withdrawals for users during a June liquidity crunch. Photo / Bloomberg
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 Dow Jones Industrial Average was down 0.8 per cent while the Nasdaq slipped 0.2 per cent and the S&P 500 traded 0.6 per cent lower to 3,633 points, a new intraday low during the current bear market.
Compared to their all-time highs, the major US indices, the Nasdaq (-33.0 per cent), S&P 500 (-24.7 per cent), and the Dow Jones Industrial Average (-21.4 per cent), are each considerably down.
Energy was the sole sector in the green, up 0.9 per cent. The largest decreases were seen in utilities (-1.8 per cent), consumer staples (-1.6 per cent), and financials (-1.1 per cent).
Leading the market was hydrogen and nitrogen product manufacturer, CF Industries, which increased 5.6 per cent.
Energy technology company Enphase Energy and petrochemical company Valero Energy rose 3.4 and 2.9 per cent respectively.
On the flip side, healthcare firm Organon and business payments provider Fleetcor Technologies each fell 3.4 per cent. Both companies set new 52-week lows.
Lastly, payment technology firm Global Payments dropped 3.3 per cent.
Rest of the World
Key markets in Asia performed well overnight, led by the Shanghai Composite which gained 1.4 per cent. The Nikkei rose 0.5 per cent while the Hang Seng remained flat.
European indices were in the red, with the DAX, the FTSE, and the CAC down 0.7, 0.5, and 0.3 per cent, respectively.
The Sterling attempted to rally against the US dollar earlier today, up 1.0 per cent for a period before falling back down, currently trading at GBP£1.0 per US$1.07.
A year ago, GBP£1.0 traded for US$1.37 while one month ago, GBP£1.0 traded for US$1.17.
Some analysts have warned that if the Bank of England does not raise rates more aggressively, the currency could reach parity with the US Dollar by as early as the end of November.
Commodities
WTI Crude Oil increased 1.6 per cent to US$78.0 a barrel, while natural gas traded 0.8 per cent lower at the time of writing.
Gold rose 0.2 per cent to US$1,637 per ounce.
The US 10-Year Treasury Rate rose a further nine basis points, to 3.97 per cent.
Bitcoin and Ethereum fell 0.9 and 0.6 per cent, respectively.
In cryptocurrency news, the chief executive of Celsius, Alex Mashinsky, resigned. The crypto company filed for bankruptcy a few months ago.
Mashinsky stated that he was "...very sorry about the difficult financial circumstances members of our community are facing".
In May, Celsius held almost US$12 billion in assets under management before freezing withdrawals for their users during a June liquidity crunch.
New Zealand
The NZX 50 lost 1.9 per cent yesterday, closing at 11,214 points.
Leading the market was film technology company Vista Group, up 1.9 per cent.
Milk product manufacturer a2 Milk and telecommunications provider Spark rose 1.8 and 0.7 per cent respectively.
Leading the losses in the market was agribusiness firm Scales, which fell 6.8 per cent.
Yesterday, the company announced the entry into two agreements with a combined initial investment cost estimated at A$27 million. Firstly, an agreement subscription for a 33 per cent interest in a newly established Melbourne petfood processing plant. Secondly, an agreement to purchase 50 per cent of the Australian operations of Fayman International.
Scales noted that the investments may disrupt earnings but are unlikely to have a material impact on the 2022 financial year results.
Travel management business Serko and real estate firm Property for Industry dropped 6.7 and 6.3 per cent respectively.
Costco's Auckland warehouse opens its doors today.
The 14,800m² store in Westgate, despite having 800 permanent carparks, has reportedly hired an additional 500 spaces nearby for a month in anticipation of a busy launch.
A $60 annual membership is required to shop at the store.
Australia
The ASX 200 was marginally higher yesterday, lifting 0.4 per cent to 6,496 points. The index set a 50-day low on Monday and is now 4.6 per cent lower across the last five days.
Six of the 11 sectors finished in the red, led by Australian real estate investment trusts, down 2.2 per cent. Telecommunication services and utilities also underperformed, decreasing 1.0 and 0.8 per cent, respectively.
Conversely, the top performing sector was materials, up 2.6 per cent, rebounding from its recent decline. Energy and information technology rose 1.7 and 0.5 per cent, respectively.
Artificial intelligence company BrainChip Holdings was the index's best performer yesterday, advancing 7.2 per cent. This movement does not appear to directly relate to any news.
Coal mining and exploration company Whitehaven Coal also performed well, improving 6.8 per cent. The company gave notice of 1,243,334 unquoted options that have been exercised and other unquoted convertible securities that have been converted to ordinary fully paid shares.
Rounding out yesterday's top movers was information technology company Megaport, buoying 6.7 per cent, on no apparent news.
Yesterday's biggest underperformer of the index was mineral exploration and development company Core Lithium, dropping 5.6 per cent.
The company provided a business update on their operations and resource expansion activities at the Finniss Lithium Project.
The first spodumene ore was discovered at the project this month.
The first shipment of lithium-containing direct ship ore is under preparation and will be sold via a tender procedure using a digital exchange platform to meet demand.
Closing out the bottom movers yesterday were Fisher & Paykel Healthcare (dual-listed) and Ramsay Healthcare, reducing 4.8 and 3.5 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/.
Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
NZ GDP falls 1% in September quarter; analysts expected 0.4% decline.