Napier Port Holdings was the biggest gainer of the session, increasing 2.1 per cent although on low volumes.
Westpac posted the second largest gains of the day (+1.9 per cent) on the announcement of the sale of their Australian life insurance business to Japan's Dai-ichi Life Holdings for A$900 million.
Auckland Airport (+0.4 per cent) was flat after it announced that it would commit $1 billion to building a new domestic hub facility which would connect the east end of its existing international terminal. Construction is set to start in 2022 and will also include improved public transport access and parking facilities – with the company likely taking advantage of the current pause in international travel to upgrade its facilities.
Tourism Holdings fell 2.5 per cent over the day as sentiment surrounding the Australian travel bubble deteriorated.
Pharmaceutical and pet food company EBOS Group (-2.2 per cent) dropped again yesterday, and has now fallen nearly 6.0 per cent from its July all-time high. Rounding out the worst performers of the day was Genesis Energy, which continues its downward share price trend seen over the past week with a fall of 1.9 per cent for the day.
INTERNATIONAL
United States
This morning the S&P 500 was trading down 0.1 per cent, the DJIA had decreased by 0.2 per cent, and the NASDAQ was up 0.2 per cent.
Financials and consumer staples were outperformers, each rising 0.7 per cent. Energy and real estate were the worst performing sectors, falling 1.3 and 0.3 per cent, respectively.
Moderna was a top performer again today, surging 17.8 per cent to a new 52-week and all-time high. The biotech and Covid-19 vaccine producer's performance surged, more than quadrupling its stock price this year. High vaccine demand, concerns around the Covid-19 Delta variant and the potential for booster vaccines have all contributed to strong performance.
Tyson Foods rose 8.5 per cent. The beef and poultry producer reported better-than-expected earnings report. Earnings per share of US$2.70 well exceeded the US$1.62 estimate.
Industrial gas company Air Products and Chemicals fell 5.7 per cent after cutting its full year earnings estimate.
Darden Restaurants was another underperformer, falling 4.9 per cent. Owner of notable chains such as the Olive Garden, Darden Restaurants outlined in a note to clients that inflation and upward wage pressure will hurt the economic recovery and impact the business.
Asia:
Of the major Asian indices, The Nikkei (Japan) traded up 0.3 per cent, the Hang Seng (Hong Kong) rose 0.4 per cent and the Shanghai Composite (China) rose by 1.1 per cent.
Commodities
Gold was trading down 1.8 per cent at US$1,731.00 per ounce, after crumbling by more than 2.3 per cent over the weekend.
Oil continues its downwards trend, a symptom of Covid-19 Delta variant concerns. This morning oil was trading 3.1 per cent lower at US$66.15 per barrel. The biggest challenge for oil markets continues to be ongoing Covid-19 concerns creating uncertainty about global growth and global oil demand. This is pushing oil prices downwards.
Cryptocurrencies were green again this morning, continuing last week's volatility. Bitcoin increased 5.5 per cent and Ethereum had risen 6.0 per cent at the time of writing, recovering from yesterday's declines.
Finally, the US 10-year treasury bond rate was yielding 1.317 per cent.
Australia
Australian equities were unchanged yesterday with the S&P/ASX 200 finishing on 7,538.4 points at the close.
Markets seemed to be net neutral, with Melbourne entering into lockdown again over the weekend coinciding with a record vaccination count on Sunday. At present the vaccination rate has reached over 85,000, with 44 per cent of Australian adults having now received at least a single dose.
Sector gains included financials and utilities, each leading the way with 1.3 and 0.5 per cent increases, respectively.
Overall index movements were well supported by single stock winner Suncorp Group, which posted an impressive full year result. The insurance company returned many of these gains to shareholders, granting a special dividend of 8 cents per share, and an on-market buyback of up to A$250 million. Suncorp stock closed up a lofty 7.8 per cent, and carried the rest of the insurance sector up with it. Australia Insurance Group (IAG) traded favourably (up 4.6 per cent) after making a trio of hires onto their board of directors, and QBE grew 3.2 per cent.
On the other hand, markets were weighed down by both the consumer cyclicals and academic & educational services sectors which posted losses of 1.4 and 1.3 per cent each.
The underperforming single stocks were News Corp and Ramelius Resources, which shared in 8.0 and 5.6 per cent losses. News Corp had a volatile day after receiving a target price downgrade.
In other news, National Australia Bank (NAB) announced on Monday it would be acquiring Citigroup's consumer banking division for A$1.2 billion in cash. The deal will add over $20 billion in combined loans and deposits onto NAB's books, warranting a premium of over A$250 million. Shareholders reacted positively to the news, with NAB finishing the day 0.9 per cent.
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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>
