Keeping you up to date with the latest market moves, in association with Investment firm Jarden
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Investors should look out for the Bank of Japan interest rate review later today. In addition, the large Australian companies that will be releasing quarterly production reports include Oil search and diversified miner South32.
New Zealand Markets were closed for ANZAC day.
US markets were a mixed bag this morning with the S&P 500 and Nasdaq both trading higher by 0.3 and 0.8 per cent, respectively. The Dow Jones Industrial Average was down 0.1 per cent at the time of writing.
The top performing sectors at the time of writing were Energy and Materials which rose 0.8 and 0.7 per cent respectively.
Otis Worldwide was the standout stock of the day, up 6.7 per cent to a 52-week high.
This company, which markets and produces elevators and escalators, released its quarterly earnings report yesterday. Revenue was well above forecasts, with quarterly earnings at US$0.72 a share and full-year forecast set to improve.
Another outperformer was mining company, Freeport-McMoRan, which rose 6.5 per cent.
This comes as copper prices have soared to a new 10-year high amidst supply concerns, strong demand expectations from China and a lower US dollar.
The sectors underperforming the most at the time of writing were Consumer Staples and Utilities, falling a respective 1.1 and 0.6 per cent.
E-commerce website - Esty - and logistics company - United Parcel Services - were the worst performers of the S&P500, down 4.6 and 2.3 per cent.
US President Joe Biden's first 100 days in office have been accompanied by explosive growth on Wall Street. The vaccine rollout and other post-Covid buoyancy have been key factors in making Bidens first 100 days the most successful of any of his recent predecessors, in terms of stock market gains at least.
Asian indices were mixed overnight. The Shanghai Composite and Hang Seng fell 1.0 and 0.4 per cent, respectively while Nikkei returned gains of 0.4 per cent.
Among the commonly tracked commodities, Gold rose 0.1 per cent to US$1,779.70 per ounce. Crypto currencies surged this morning, with Bitcoin up 9.3 per cent and Ethereum up 9.4 per cent. These cryptocurrency gains come as the market is recovering from losses linked to a broad sell-off last week following a proposed capital gains tax hike in the US.
The US 10-year bond currently yields 1.567 per cent.
Lastly, WTI Crude Oil was flat at US$62.07 per barrel.
The S&P/ASX 200 rounded out yesterday's trading down 0.2 per cent.
Healthcare insurance company NIB Holdings Ltd led the way after the business significantly updated its earnings guidance for FY21. NIB finished the day climbing 10.2 per cent, currently priced at A$5.94.
Joining NIB was Fortescue Metals Group which traded up 4.8 per cent as the company continues to benefit from soaring iron ore prices.
In contrast, underperforming sectors of Utilities and Consumer staples (both down 1.0 per cent) weighed on overall index returns.
IT company DickerData fell sharply, down 5.5 per cent. Also an underperformer on the day was medical device producer Polynovo Ltd, sliding 4.1 per cent.
In other news, education technology business Keypath Education is rumoured to be exploring the idea of a potential IPO. Keypath is said to have been in contact with Australian investment banks about an equity raise that could potentially value the company at close to A$1 billion. Keypath partners with various universities globally to help increase the availability of online tertiary education and is expected to have revenue of over A$110 million in FY21.
The Government agency responsible for overseeing scientific development (CSIRO) has raised an additional AU250 million-dollars to invest in deep tech and science-based start-ups. The agency says the funds will be used to "address the world's problems. The fund now has $490 million funds under management and partners with private investors Horizons Ventures and Morgan Stanley Wealth Management, among others. The fund demonstrates the growing popularity of public-private collaboration to stimulate growth. The deployment of the first tranche of capital has helped to create more than 500 jobs.
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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>