Jarden Brief: Warner Bros hopes hinge on Game of Thrones prequel

A White Walker from Game Of Thrones. Photo / Supplied

Keeping you up to date with the latest market moves, in association with Investment firm Jarden

International

US

All major US indices were down at the time of writing. The S&P 500 lost 2.2 per cent, Nasdaq fell 2.6 per cent and the Dow Jones Industrial Average declined 2.0 per cent.

Sectors were also in the red, with no gainers. Leading the decline was consumer discretionary, down 2.9 per cent. Communication services and technology followed, both down 2.8 per cent.

Going against the decline was Mosaic Co, rising 3.2 per cent to be the top performing single stock at the time of writing.

CF Industries Holdings lifted 2.1 per cent and Albemarle Corp improved 2.0 per cent.

Conversely, Aptiv fell 7.2 per cent and Netflix declined 6.6 per cent.

Warner Bros Discovery dropped 6.3 per cent. The global media and entertainment company released the new series "House of Dragon" on Sunday, to be shortly followed by competitor Amazon Prime Video's "The Rings of Power". Warner Bros has been undergoing cost cutting measures but has high expectations for the "Game of Thrones" prequel.

AMC Entertainment Holdings dropped 39.3 per cent the company's new share class of "APE" units began trading Monday. The release of these units acts effectively as a stock split, and shares are expected to drop about 50 per cent.

News that may also be affecting the company was Monday's announcement from rival company Cineworld of it considering filing for bankruptcy.

Rest of the World

Asian markets results were mixed overnight. The Shanghai Composite rose 0.6 per cent, the Nikkei dropped 0.5 per cent and the Hang Seng decreased 0.6 per cent.

European markets closed lower. The FTSE fell 0.2 per cent, the DAX lost 2.3 per cent and the CAC lessened 1.8 per cent.

Commodities

Gold traded 0.8 per cent lower at US$1,749.7 per ounce, while silver dropped 1.1 per cent to US$18.85 per ounce.

WTI Crude Oil was unchanged (-0.02 per cent) to US$90.67 per barrel.

Bitcoin reduced 2.3 per cent and Ethereum lessened 4.4 per cent.

The US 10-Year Treasury rate gained five basis points to 3.037 per cent alongside a two basis point decline in the 30-Year rate, to 3.242 per cent.

New Zealand

The NZX 50 closed 0.6 per cent in the green to 11,749 points.

Fisher & Paykel Healthcare led the index with a 3.1 per cent jump to its share price. This is a small bounce back from the company's 6.0 per cent drop last Friday.

Chorus also closed in the green after reporting its full year results. Chorus' net profit increased by 25.0 per cent while revenue was up 1.0 per cent from the previous financial year. The company closed 2.2 per cent higher.

Argosy Property rounded out the top three performers, also gaining 2.2 per cent.

Restaurant Brands was the largest underperformer, down 5.6 per cent after posting second quarter results which put sales at $133.3 million. This represents a 7.4 per cent increase year on year.

Skellerup followed in the red. The company's result showed net profit was up 19.0 per cent year on year. Skellerup closed 4.0 per cent lower.

Eroad declined 3.6 per cent.

The New Zealand government has purchased Kiwi Group Holdings, the company that owns Kiwibank. This was done through buying the shares owned by crown entities NZ Superannuation Fund, ACC and NZ Post in the Group.

The New Zealand 10-year government bond continued last week's gains, up a further 14 basis points to 3.677 per cent.

Australia

The ASX 200 dropped 1.0 per cent to 7,046.90 points.

All sectors closed in the red. Consumer discretionary was the largest laggard, down 1.9 per cent. Information technology fell 1.5 per cent. The Australian real estate investment trust sector slid 1.3 per cent.

Nib Holdings gained 7.0 per cent against the run of play. As part of its fiscal year 2022 results, the health insurer reported a 16.6 per cent trim in net profit after tax to A$133.8 million. Nib largely attributed this to investment losses due to financial market volatility.

Underlying revenue lifted to A$2.8 billion (+7.2 per cent), while underlying operating profit climbed 14.8 per cent to A$235.3 million.

EML Payments improved 6.1 per cent. The payment solutions company released its fiscal year 2022 results, headlined by a 21.0 per cent increase in revenue from the previous year to A$234.1 million.

Despite this, adjusted net profit after tax fell 1.0 per cent to A$32.1 million. Following guidance that EML entered into a sale agreement for its investment in Interchecks Technologies, the company announced a A$20 million on-market share buyback.

Pilbara Minerals rose 3.9 per cent. The lithium miner is due to release its full year results today.

On the flip side, Adbri dropped 16.9 per cent. The cement manufacturer reported results for the half year to 30 June. Revenue of A$812.4 million was 8.0 per cent higher than the same period last year. Statutory net profit after tax dropped to A$48.1 million (-15 per cent).

Adbri noted strong construction and mining demand and improved pricing over the period, contrasted by weather driven challenges to operations, higher costs and anticipated lower lime volumes.

Fund manager Magellan Financial Group fell 9.9 per cent. The business went ex-dividend, potentially accounting for a portion of this decline.

Ramelius Resources decreased 7.2 per cent. The gold producer updated guidance, expecting a full year pre-tax net profit of A$20 to 25 million, a notable reduction from last year's A$174.7 million. The company reports next week.

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