Keeping you up to date with the latest market moves, in association with Investment firm Jarden
The NZX 50 resumed trading on Tuesday and closed 0.2 per cent lower.
Financials and real estate gained during the session, increasing 1.1 and 0.8 per cent, respectively. Technology (-1.0 per cent) and industrials (-0.8 per cent) were the laggards of the day.
Tourism Holdings was the best performer on the NZX 50 rising 3.5 per cent. The tourism and vehicle rental company entered into an agreement to sell the Australian and New Zealand Mighway and SHAREaCAMPER businesses and assets to ASX listed Camplify Holdings. The deal is priced at A$7.37 million and will be paid by Camplify issuing new fully paid ordinary shares to Tourism Holdings. The deal includes additional commercial agreements providing a basis for a strategic relationship between the two companies.
Next in line was investment properties owner Stride Property, up 3.0 per cent.
Rounding out the top gainers of the session was SkyCity Entertainment Group, increasing 2.2 per cent, after a volatile session. The casino operator will hold its annual shareholder meeting this Friday.
On the flipside, Sky Network Television booked the biggest losses, down 4.2 per cent, ahead of its annual shareholder meeting this Thursday.
Synlait Milk also declined, dropping 2.6 per cent. This could be related to The a2 Milk Company's (-0.6 per cent) investor day later today (a2 is Synlait's largest customer).
Telecommunications infrastructure company Chorus declined by 2.5 per cent. The company will hold its annual shareholder meeting later today.
The latest national trade balance data will be released later today, as well as ANZ's latest activity outlook and business confidence survey results.
At the time of writing the S&P 500 was 0.2 per cent higher, the Nasdaq was trading flat, and the Dow Jones Industrial Average had risen 0.1 per cent.
Outperforming sectors were utilities and real estate, which made gains of 1.1 and 0.6 per cent, respectively.
Earnings season continued for the top and bottom performers.
Unities Parcel Service rose 7.4 per cent to a new 52-week high on the back of better-than-expected quarterly earnings. The shipping company increased its full-year adjusting operating margin target from 12.7 per cent to 13.0 per cent. This comes amidst a climate of global shipping price increases.
NVIDIA gained 7.4 per cent. The chipmaker gained after Facebook increased projected spending on network infrastructure and data, seemingly taken by investors to be favorable for chip makers. Facebook declined 4.8 per cent, at the time of writing, after missing revenue and monthly active user estimates for the third quarter.
Arista Networks increased 4.9 per cent to a 52-week high this morning.
In contrast, downward pressure on indices was drawn from the decline of two sectors, with communication services down 0.6 per cent and industrials falling 0.3 per cent.
Lockheed Martin fell 13.2 per cent. The global security and aerospace company fell after missing quarterly revenue consensus forecasts and lowering guidance financial year 2022.
Glass manufacturer Corning declined 5.9 per cent. It reported earnings per share of US$0.56 compared to US$0.58 estimates.
Universal Health Services lost 4.9 per cent on mixed third quarter results. Adjusted earnings per share fell 7.2 per cent year-on-year while acute care hospital admissions rose 12.4 per cent in the third quarter.
Rest of the World Markets:
Asian indices were mixed again. The Hang Seng traded down 0.4 per cent, the Nikkei recovered 1.8 per cent while the Shanghai Composite fell 0.4 per cent.
In commodities this morning, gold traded down 0.8 per cent at US$1,792.60 per ounce. WTI crude oil was up again, increasing 1.0 per cent to US$84.64 per barrel on short supply. The US 10-year bond is trading at 1.622 per cent.
Bitcoin lost some of Monday's gains, down 0.6 per cent and Ethereum increased again, up 0.7 per cent.
The S&P/ASX 200 traded roughly unchanged yesterday with the index holding firm to finish at 7,443.4 points.
The day's news was headlined by Australian PM Scott Morrison outlining some of the Australian Government's plan to achieve its target of net zero carbon emissions by 2050. The plan focused on reducing the cost of new clean energy technologies. Morrison said the plan won't involve shutting down coal and gas production – which are also major exports for the country. New jobs, numbering about 62,000, would also be likely be introduced in the mining and heavy machinery industries to aid the transition into a more renewable and clean energy future.
Leading sectors comprised of both consumer cyclicals and industrials, which posted gains of 0.7 and 0.3 per cent, respectively.
Disinfection technology company Nanosonics led the way with a strong performance, up 9.4 per cent at yesterday's close on no discernible catalyst.
Casino and hotel company Crown Resorts was up 8.7 per cent after the findings of the Victorian Royal Commissions report into the company's management was released.
The commission found Crown in breach of several ethical and legal standards, stating the company likely unfit to operate its business. However, investors reacted favourably to the fact that Crown would not lose its operating license, with only limited sanctions being imposed in relation to what could have unfolded.
On the flipside, utilities (down 1.3 per cent) and consumer non-cyclicals (down 0.8 per cent) were the laggard sectors at yesterday's close.
Weighing down index performance were the single stock losers belonging to the mining and materials sector. Mineral Resources, Regis Resources, and Whitehaven Coal all fell during the day's trading (each down 7.0, 6.1, and 4.2 per cent) with the release of quarterly operational statistics. These stocks were also likely affected by yesterday's Net Zero 2050 announcement, and the movements of their underlying commodity prices.
• 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>