Tesla rose 4.1 per cent following their reported first-quarter electric vehicle deliveries. Photo / AP
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
New Zealand
The NZX 50 fell 0.3 per cent after Monday's trading.
Air New Zealand rose 16.8 per cent, making it the top performer of the index yesterday. This follows a series of share price falls and a subsequent rebound after the announcement of a $2.2 billion recapitalisation programme. -
Retirement village operator Oceania Healthcare and biotechnology company Pacific Edge were also in the green, having gained 4.7 and 4.0 per cent respectively.
Leading the underperforming companies on Monday was payment services provider Pushpay Holdings, which decreased 4.3 per cent, reversing upward movements seen last week.
Film technology company Vista Group International fell 3.9 per cent while campervan rental operator Tourism Holdings was down 3.1 per cent, after no news.
Prime Minister Jacinda Ardern yesterday announced that New Zealand will continue to remain at the current red traffic light setting for Covid-19 restrictions until at least 14 April (the date of the next review). This has been attributed to pressure still facing the country's healthcare system as the Omicron outbreak continues
International
US
All major US indices were in the green at the time of writing. The S&P 500 was up 0.7 per cent, the Nasdaq rose 1.8 per cent and the Dow Jones Industrial Average increased 0.3 per cent.
Interestingly, eight of the 11 S&P 500 sectors underperformed at the time of writing. These laggards were led by utilities (-0.9 per cent), health (-0.7 per cent) and real estate (-0.6 per cent). Losses were more than offset by the sector performance from consumer cyclicals (2.0 per cent) and technology (1.8 per cent). The technology sector holds significant weight in the S&P index with its rise effectively lifting the overall market.
Twitter was the top performing company at the time of writing, advancing 28.6 per cent. This morning's share price increase puts it on track for Twitter's best day since its IPO. This incline followed a Securities and Exchange Commission (SEC) filing that disclosed Elon Musk's acquisition of a 9.2 per cent passive stake in the company.
Rounding out the top movers at the time of writing was e-commerce company Etsy and gaming facility operator Penn National Gaming, improving 8.5 per cent and 6.2 per cent, respectively.
Starbucks was the bottom mover at the time of writing, falling 4.3 per cent. The decline in the coffee chain's share price followed the suspension of its share repurchase program. The decision was made by returning interim chief executive officer Howard Schultz. Starbucks has been facing increased pressure from union drives by its staff in stores, and Schultz has deemed the suspension of the program essential to allow more investment into employees and stores.
Healthcare company Baxter International decreased 3.6 per cent following a series of broker downgrades. Closing out the bottom movers was medical device company Abiomed, falling 3.6 per cent.
Tesla rose 4.1 per cent following their reported first-quarter electric vehicle deliveries. The 310,000 deliveries were a quarterly record; however, it did miss consensus Wall Street estimates. This was mostly attributed to Tesla's major factory in Shanghai likely being affected by Covid-19 shutdowns in the country.
Rest of the world
Asian markets rose overnight. The Shanghai Composite improved 0.9 per cent, Nikkei inclined 0.3 per cent, and the Hang Seng elevated 2.1 per cent.
European markets were in the green. The FTSE increased 0.3 per cent, the DAX was up 0.5 per cent and the CAC gained 0.7 per cent.
Commodities
Gold traded 0.5 per cent higher to US$1,933.10 per ounce.
WTI Crude Oil also performed well, rallying 3.0 per cent to US$102.25 per barrel.
The cryptocurrency market was in the red, with Bitcoin having decreased 2.7 per cent and Ethereum down 2.2 per cent.
The US 10-year Treasury rate rose three basis points to 2.404 per cent alongside a five basis point gain in the 30-year rate, to 2.468 per cent.
Australia
The ASX 200 rose 0.3 per cent yesterday, led upwards by utilities (+1.1 per cent), materials (+1.0 per cent) and information technology (+1.0 per cent). Six of the 11 sectors had made gains by the end of the trading day.
Investment manager Pendal Group led the index, gaining 18.1 per cent, on the announcement of a non-binding $1.8 billion (A$2.4 billion) takeover offer from asset manager Perpetual. The proposal implies a premium of 39.2% to the stock's last close of A$4.48 on 1 April 2022.
Another asset manager, Magellan Financial Group, pushed higher with a 9.7 per cent jump of its own, potentially linked to the Pendal takeover lifting comparative valuations in the industry. Lastly, EV battery materials producer Liontown Resources rounded out the top performers, rising 9.0 per cent.
Iluka Resources shares rose to a record high, closing at $12.2 (+6.1 per cent) after the board approved the final investment decision of the $1.2 billion refinery at Eneabba in Western Australia. The loan could imply a growing appetite for governments to invest in critical mineral supply chains.
Consumer discretionary was the laggard sector of the index, dropping 0.9 per cent.
Perpetual led the bottom movers, falling 6.6 per cent, following the indicative proposal for Pendal Group. Biotech company Imugene was another underperformer, falling 4.0 per cent throughout the day. Fletcher Building (dual listed on the ASX and NZX) also fell 3.3 per cent.
ANZ Australian job advertisements edged up 0.4 per cent in March from February, to reach their highest since 2008. This points to strong demands for labour. The Melbourne Institute's inflation gauge showed an increase in prices across the economy, rising 0.8 per cent for the month of March. The Reserve Bank of Australia will hold its policy meeting today and review any interest rate decisions.
• For more information on the latest market moves, get in touch with Jarden.
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
Private equity is seen as a likely buyer for Fonterra's consumer business.