The rollercoaster ride for bitcoin investors continues. Photo / Getty Images
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
New Zealand:
The NZX closed 0.3 per cent higher yesterday, making up for the previous day's decline.
This rise was led by the top-performing sectors of utilities and industrials, up 1.1 and
0.7 per cent, respectively. The worst performing sectors yesterday were consumer non-cyclicals and healthcare which declined by 1.2 and 0.6 per cent.
The top-performing company was Skellerup up 2.9 per cent, continuing the strong first half of the year share price performance. Contact Energy rose 2.8 per cent and Stride Property gained 2.1 per cent, rounding out the top performers podium.
Contact Energy announced yesterday that it will replace half of the 60-year old Roxburgh Power Station hydropower turbines in the next five years. This will result in more efficient use of water flows, deliver an extra 44-gigawatt hours of energy in the average year and reduce carbon emissions.
The worst performing company yesterday was Ryman Healthcare, falling 2.5 per cent and losing yesterday's gains. Kathmandu declined by 2.5 per cent also while A2 Milk fell 2.0 per cent.
Kathmandu's decline followed the downgrade to revenue released yesterday for the 2021 financial year at $930 million, below expectations. Kathmandu's ownership of Ripcurl has been affected by lockdowns in Australia, with 40 stores in New South Wales closed for a minimum of two weeks.
INTERNATIONAL
US:
It was an up day for the United States' headline index as the S&P 500 rose 0.1 per cent. The NASDAQ was up 0.2 per cent, and the Dow Jones was flat.
The top sectors on the day were Information Technology and Consumer Discretionary, respectively up 0.7 and 0.3 per cent.
Utilities (down 1.3 per cent) and Consumer Staples (down 0.4 per cent) were the sectors most responsible for lowering the S&P 500 during the session's trading.
The best performing company on the day was radio frequency solutions provider Qorvo Inc, followed by financial services conglomerate Morgan Stanley, with the third best performer being semiconductor company Advanced Micro Devices Inc, respectively up 4.6, 3.3, and 2.8 per cent.
Qorvo traded well on the back of upgraded target prices from Barclays. The company's target price was raised from US$210 to US$220.
The worst performing equities on the day included news, sports and entertainment company Fox Corp, energy infrastructure company Sempra Energy, and diversified holding company Ameren Corp, respectively down 3.3, 2.7, and 2.3 per cent.
Rest of the World Markets:
The popular Asian indices were down at time of writing. The Shanghai index (China) was down 0.9 per cent; the Shenzhen index (China) was down 0.9 per cent; the Nikkei 225 (Japan) was down 0.8 per cent; and the Hang Seng (Hong Kong) index was down 0.9 per cent.
Commodities
It was a turbulent session for precious metals. Gold was trading at US$1,764.58 per ounce (down 0.8 per cent); while Silver was trading at US$25.8 per ounce (down 1.1 per cent). For the industrial metals, the closest dated Iron ore future was trading at US$215.26 per MT (flat for the session); the closest dated copper future was trading at US$9438.00 per KG (up 0.1 per cent). The closest dated WTI oil future was trading at US$72.90 per MT (flat for the session).
It has been a volatile session for crypto with Bitcoin trading at US$36,160.23 (up 4.4 per cent) and Ethereum trading at US$2,215.78 (up 4.0 per cent). The US 10-year treasury bond yield was trading at 1.4782 per cent.
Australian Markets:
On Tuesday, the ASX200 closed a very slim 0.1 per cent lower than in the previous session.
Sector performance was a mixed bag, with Utilities (-1.3 per cent) and Energy (-0.8 per cent) booking the biggest losses, while Information Technology (+0.7 per cent) and Health Care (+0.5 per cent) lead the market up.
Wholesale distribution and marketing giant, Metcash, was the best performer of the day, increasing 5.7 per cent, after its 2021 full year result presentation release on Monday. Next in line was software developer Nuix, rising 5.0 per cent, followed by Lynas Rare Earths, up 3.5 per cent.
The worst performers of the session were restaurant operator Collins Foods (-5.7 per cent), commercial property owner and operator Unibal-Rodamco-Westfield (-5.2 per cent), and chemical manufacturer Nufarm (-4.6 per cent). Collins Foods presented its financial year 2021 results yesterday and announced a new managing director.
Investment manager AMP Capital (-1.7 per cent) has warned unitholders of the Community Infrastructure Fund to switch to its suitor Plenary Group. AMP says that investors would be locked into an unfavourable business model. The fund is worth AU$1.3 billion and AMP claims Plenary Group would bring "unmanageable" conflicts of interest.
The Australian Competition and Consumer Commission has just lost a case, thrown out by the Federal Court, claiming that NSW Ports could have an "effective monopoly". The ACCC chairman Rod Sims shared concerns that the NSW Port would have this monopoly for the next 50 years, negatively impacting competition and productivity in the NSW economy.
• For more information on the latest market moves, get in touch with Jarden.
Disclaimer: This Morning Brief has been prepared in good faith and reflects opinions and views 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. This Morning 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 broker disclosure statement is available free of charge at www.jarden.co.nz. Jarden is not a registered bank in New Zealand. Full disclaimer available at: https://www.jarden.co.nz/limitations-and-disclaimera>
This recovery is making us sweat, but that might be a good thing in the long run.