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Home / Business

Jarden Brief: Optimism on the NZX but Wall Street in the red

NZ Herald
13 Dec, 2021 07:00 PM5 mins to read

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Image / Getty Creative

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Keeping you up to date with the latest market moves, in association with Investment firm Jarden

New Zealand:

The NZX 50 started the week off strong, rallying 1.3 per cent following a 1.0 per cent rise in the US over the weekend.

Markets returned to optimism following an Israeli study which found a third shot of Pfizer would provide 'adequate protection' against the Omicron strain of Covid-19.

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All sectors closed in the green with real estate and healthcare posting the biggest gains, rallying 2.2 and 2.1 per cent, respectively.

Vista Group International was the single stock best performer on the NZX 50 yesterday. The film software company rose 7.6 per cent. Meanwhile, seafood company Sanford also performed well, increasing 7.1 per cent. Rounding out the leader board was logistics giant Mainfreight, closing 4.7 per cent higher.

The Government announced on Monday that all regions currently in Red, except for Northland, will be moving into Orange on 30 December at 11.59pm.

Auckland International Airport continued to underperform the index, losing 1.8 per cent while mobile service provider Spark New Zealand, and dairy processing company Synlait, both decreased by 0.9 per cent.

On Wednesday, New Zealand's third quarter GDP data will be released.

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US

US equities were down at the time of writing with the S&P 500, Dow Jones Industrial Average, and the Nasdaq down 0.6, 0.9 and 1.1 per cent.

Utilities and real estate each gained 1.2 per cent.

Covid-19 vaccine manufacturers were up this morning with Pfizer and Moderna rising 5.4 and 5.3 per cent, respectively. Pfizer is buying Arena Pharmaceuticals in a deal valued at about US$6.7 billion, gaining potential therapies which will target immuno-inflammatory diseases. Moderna is accelerating vaccine distribution to COVAX, having amended its contract with the Vaccine Alliance to speed the supply of 20 million doses by the end of December, previously expected to be delivered in the first quarter of 2022.

Exerting downward pressure on the S&P 500 was energy and consumer discretionary, falling 2.5 and 2.4 per cent, respectively.

HanesBrands declined 7.1 per cent, losing some of the returns made earlier in the month.

Both United Airlines and American Airlines announced reductions to their flight schedules next summer, awaiting deliveries of Boeing 787 Dreamliners. United Airlines fell 5.8 per cent, while American Airlines slid down 5.6 per cent, also within the current climate of Omicron uncertainty.

Rest of the world

Asian indices were mixed overnight with the Hang Seng trading lower by 0.2 per cent, the Shanghai Composite up 0.4 per cent, and the Nikkei rising 0.7 per cent.

Commodities

In commodities this morning, gold had gained 0.2 per cent at US$1,788.40 per ounce while WTI crude oil was flat, priced US$71.64 per barrel at the time of writing.

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The US 10-year bond is now six basis points lower at 1.42 per cent, as the market eyes the upcoming Federal Reserve's December policy meeting this week.

In cryptocurrencies, Bitcoin started the week off in the red, down 5.7 per cent to US$47,543.00, and Ethereum down 7.9 per cent to US$3,827.87.

Australia

Australian equities pushed higher yesterday with the S&P/ASX 200 trading up 0.3 per cent to 7379.3 points at the close.

Sector gains included materials and energy, each leading the way with 1.8 and 1.7 per cent increases, respectively. The energy sector was said to be buoyed from higher oil prices over the weekend

Overall index movements were well supported by the single stock winner Netwealth Ltd. The financial technology company gained 6.2 per cent despite there being no directly related announcements.

Property investment firm Charter Hall also had a strong day, up 5.6 per cent after it upgraded full year 2022 earnings guidance for the second time in under two months. The upgrade included a lift of funds under management estimates to $61.3bn, and earnings per share to 105 cents.

Correlating with the overall sector movements, there were stellar performances from resource companies, including St Barbara (+5.7 per cent) Champion Iron (+5.4 per cent) Iluka Resources (+5.3 per cent), which all finished in Monday's top five stocks.

On the other hand, markets were weighed down by both the industrials and financials sectors, which fell 0.3 and 0.2 per cent each by Monday's close.

GUD Holdings, a secondhand seller of automotive products, lost 4.0 per cent along with insurance companies Insurance Australia Group (down 3.6 per cent) and NIB Holdings (-3.4 per cent) to round out the underperformers.

• For more information on the latest market moves, get in touch with Jarden.

Disclaimer: The Jarden Brief is provided for general information purposes only. It reflects views and research available 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. The Jarden 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 financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer

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