Air New Zealand rose 5.0 per cent, expanding upon the 16.8 per cent gain it made yesterday. Last week the airline company experienced large losses in their share price following the announcement of a $2.2 billion recapitalisation programme.
Payment services provider Pushpay Holdings increased 4.5 per cent, making back gains from last week that it had lost during yesterday's trading.
Biotechnology company Pacific Edge, and retirement village operator Oceania Healthcare, were down 3.9 and 3.6 per cent respectively. This may be seen as a slight correction from investors given both companies outperformed the market on Monday.
Rounding out the largest losses was the a2 Milk Company, decreasing 2.3 per cent yesterday. Investors may be factoring in China's recent outbreaks of Covid-19 and subsequent lockdowns potentially impacting distribution and sales of infant formula products.
International
US
All major US indices were in the red at the time of writing. The S&P 500 was down 0.9 per cent, the Nasdaq dropped 1.9 per cent and the Dow Jones Industrial Average fell 0.5 per cent.
Only four of the 11 sectors were in the green. Utilities was the best performing sector, up 1.1 per cent at the time of writing. Real estate and health also performed well, improving 1.0 per cent and 0.5 per cent, respectively. On the other hand, technology was the worst performing sector overnight, dropping 1.9 per cent. Closely followed by consumer cyclicals (-1.8 per cent) and industrials (-1.0 per cent).
Twitter continued Tuesday's positive performance, up 3.2 per cent at the time of writing. This rise builds on Elon Musk's acquisition of a 9.2 per cent passive stake in the previous session. The social media company announced that the entrepreneur will join its board of directors. The Tesla chief executive officer stated that consumers could anticipate "significant improvements" soon.
Healthcare company Organon and real estate investment trust Crown Castle International closed out the top movers, rallying 3.0 per cent and 2.7 per cent, respectively.
MarketAxess Holdings was the biggest laggard at the time of writing, regressing 11.3 per cent. The fixed income trading platform released their March monthly volume statistics during Wednesday's session. This revealed a 3.0 per cent fall in average monthly credit volumes since March 2021.
Rounding out the bottom movers was digital transformation services provider Epam Systems and biotechnology company Moderna. The first decreasing 7.2 per cent and the latter falling 6.5 per cent.
Rest of the World
Asian markets advanced again overnight. The Shanghai Composite rose 0.9 per cent, Nikkei elevated 0.2 per cent, and the Hang Seng was up 2.1 per cent.
European markets were mixed. The FTSE increased 0.7 per cent, the DAX fell 0.7 per cent and the CAC decreased 1.3 per cent.
Commodities
Gold traded 0.5 per cent lower to US$1,924.90 per ounce.
Oil was down at the time of writing, dropping 0.4 per cent to US$102.83 per barrel.
The cryptocurrency market was mixed, with Bitcoin having increased 0.2 per cent and Ethereum falling 1.0 per cent.
The U.S. 10-year Treasury rate rose 15 basis points to 2.556 per cent alongside an 11 basis point gain in the 30-year rate, to 2.587 per cent. This is the 10-year Treasury's highest rate since May 2019 and follows statements from the Federal Reserve Governor Lael Brainard suggesting an aggressive approach to shrinking the central bank's balance sheet.
Australia
The ASX 200 rose 0.2 per cent yesterday to 7,527.9 points, setting a new 50-day high. All but three of the 11 sectors closed in the green. Information technology was the best performing sector, gaining 3.1 per cent throughout the trading day.
Mineral Resources led the index, rising 5.7 per cent after providing a business update on its lithium portfolio. The company stated unprecedented demand for global lithium products has continued to outstrip supply. The strength of the electric vehicle market is the likely driver of high demands. Mineral Resources advised it will increase production at its Western Australia mines.
Battery materials company Novonix rose 4.9 per cent yesterday, this may be connected to its supply of materials, equipment and services for the global lithium-ion battery industry.
Medical device company Polynovo rounded out the top performers, rising 4.9 per cent. Conversely, materials finished as the worst performing sector, with Liontown Resources (-6.1 per cent), Lynas Rare Earths (-5.7 per cent) and Gold Road Resources (-3.4 per cent) all contributing to the bottom three movers.
Opposing its strong start to the week, Liontown Resources finished the day with the largest share price decline. Liontown was the highest traded stock by volume on Tuesday with a hefty 11.96 million of its shares changing hands.
At its policy meeting yesterday, the Reserve Bank of Australia's (RBA's) Board decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent. The RBA stated "important additional evidence" on both inflation and labour costs will impact its decision over the "coming months".
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