US markets were green at the time of writing. Photo / Getty Images
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
New Zealand:
On Wednesday, the NZX 50 closed 0.1 per cent lower at 13,094.11 points.
Most sectors were underperforming, with energy and real estate booking the biggest losses, down 0.9 and 0.5 per cent respectively. On the flipside, utilities and technology stocks were up by 0.3 and 0.2 per cent, respectively.
Corporate travel booking platform, Serko, was the best performer of the session, increasing by 3.1 per cent. Covid-19 Response Minister Chris Hipkins noted in yesterday's 1pm update that Cabinet is expected to decide on the future of the transtasman bubble next week. However, there are many questioning whether a travel bubble will return before the end of the year.
Rubberwear producer Skellerup Holdings also performed well, up 2.6 per cent. Port and harbour operation services provider Napier Port Holdings closely followed suit, closing 2.5 per cent higher.
Underperformer of the day was milk powder producer Synlait Milk, decreasing by 2.2 per cent, experiencing continued volatility with its ongoing restructuring plans.
Retirement village operator Summerset Group Holdings decreased by 1.5 per cent, after updating the market regarding its dividend due to be paid on the 20 September 2021, with a strike price for the Dividend Reinvestment Plan and added the foreign exchange rate.
Energy retailer, Mercury, closed 1.5 per cent lower on its dividend record day, yesterday.
In other news, Statistics NZ reported a $3 billion account deficit for the quarter ending June 2021, which is $2.2 billion narrower than the previous quarter's result, due to an increase in value of goods exports (+$1.4 billion) and services exports (+$1.7 billion).
International Markets:
US markets were flushed green at the time of writing, with the S&P 500 up 0.7 per cent, the Nasdaq 0.6 per cent higher and the Dow Jones Industrial Average trading up 0.6 per cent.
Leading the indices upwards were energy and industrials, rising 3.5 and 1.1 per cent, respectively.
EOG Resources rose 7.5 per cent. Diamondback Energy increased by 7.3 per cent and Cimarex Energy rose by 7.2 per cent. The share price rises of these energy companies can all be linked to rallying commodity prices, particularly WTI crude oil which gained 3.1 per cent overnight.
The only sector to decline was utilities, falling 0.4 per cent.
Casino company Wynn Resorts was under pressure for a second day, being the worst performer of the session, down 7.6 per cent. This comes as the Macau government consider tightening casino regulations.
Electronic Arts fell 5.7 per cent. The video game company's share price decreasedafter rumours of a delay in the release of the game 'Battlefield 2042'.
Starbucks slipped by 4.1 per cent. Three employees from Buffalo, New York have been petitioning for a vote to unionise, saying working conditions have declined during Covid-19. Starbucks has since asked the National Labor Relations Board in the US to expand the vote to all workers in Buffalo. This news was unfavourably received by investors.
Rest of the World Markets:
The Hang Seng (Hong Kong) traded down 1.8 per cent, the Shanghai Composite (China) declined by 0.2 per cent and the Nikkei (Japan) fell 0.5 per cent overnight.
Commodities:
Gold lost yesterday's gain, falling 0.8 per cent to US$1,792.70 per ounce. WTI crude oil jumped 3.1 per cent, now priced at US$72.67 per barrel. This came after industry data showed a greater drawdown of US inventories than expected, reducing supply in an environment of increasing demand, as international Covid-19 vaccine rollouts continue.
The 10-year US treasury yield is now priced at 1.311 per cent.
Cryptocurrencies rose overnight, with Bitcoin trading at US$48,020.57 (+3.2 per cent) and Ethereum up to US$3,545.66 (+5.7 per cent).
Australian Markets:
Australian equities traded lower at yesterday's close, with the S&P/ASX 200 finishing the day at 7,417.0 points, down 0.2 per cent.
Outperforming sectors included healthcare and real estate which made handsome gains of 1.2 and 1.0 per cent respectively.
Sector gains were buoyed by impressive performances from both Pilbara Minerals (up 8.4 per cent) and Elders Ltd (up 4.7 per cent). Pilbara traded impressively after recording strong participation in its online lithium auction overnight. The lithium miner now sells some of its product through its own battery material exchange, with investors viewing this as a step in the right direction.
Elder's re-shuffling of its debt facility was viewed favourably by the agribusiness' investors.
In contrast, downward pressure on the index was drawn from sector losses for energy (down 2.2 per cent) and materials (down 1.7 per cent).
Electricity retailer, AGL Energy Ltd, underperformed to finish lower by 7.4 per cent at the close, trading on weaker oil prices. Engineering design company, Worley, also fell 4.3 per cent, topping off a four weeks of poor share price performance since their earnings report in August.
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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>