Biopharmaceutical business Pfizer rose 2.8 per cent after the US Food and Drug Administration authorised use of updated vaccine boosters. Photo / AP
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
Major US indices were relatively flat at the time of writing. The Dow Jones Industrial Average had rose 0.2 per cent, while the Nasdaq and S&P 500 dropped 0.8 and 0.1 per cent, respectively.
The movements come after a steady streak of losses. Recently, the US Federal Reserve Chairman Jerome Powell warned that the economy will see "some pain" as the central bank continues to hike interest rates.
Sector performance was mixed with utilities, healthcare, and consumer staples up 1.5, 1.3, and 0.5 per cent, respectively. Decreases included energy (-1.9 per cent), materials (-1.7 per cent), and technology (-1.2 per cent).
Leading the market was global information services company DXC Technology, which had increased 6.2 per cent at the time of writing.
Energy technology solutions firm Generac Holdings was up 3.3 per cent as companies linked to volatile electricity prices continue to see large swings in their stock price.
Biopharmaceutical business Pfizer rose 2.8 per cent following the US Food and Drug Administration authorising the use of updated vaccine boosters.
Conversely, semiconductor manufacturers NVIDIA, Monolithic Power Systems, and Advanced Micro Devices were down 10.8, 8.6, and 6.0 per cent, respectively.
The US government has announced restrictions on the export of some sophisticated chips to China and Russia.
International grocer Hormel Foods was down 7.5 per cent after releasing earnings prior to market open. The company dropped its guidance around earnings per share from US$1.87 - US$1.97 to US$1.78 - US$1.87.
Rest of the World
International markets were down overnight. In Asia, the Hang Seng, Shanghai Composite, and the Nikkei, slipped 1.8, 1.5, and 0.5 per cent, respectively.
European markets were also in the red. The FTSE fell 1.9 per cent, the DAX decreased 1.6 per cent, and the CAC dropped 1.5 per cent.
Commodities
Metal futures were in the red across the board, of which gold experienced the smallest drop in price, down 1.0 per cent to US$1,709.7 per ounce.
WTI Crude Oil saw a decrease in price, falling 3.3 per cent to US$86.64 per barrel.
The cryptocurrency market also saw losses, with Bitcoin and Ethereum down 2.2 and 1.3 per cent, respectively.
At the time of writing, the US 10-Year Treasury rate had risen 13 basis points to 3.261 per cent.
New Zealand
The NZX 50 closed at 11,610 points yesterday, having increased 0.1 per cent.
Leading the market, up 1.8 per cent, was The a2 Milk Company. The company's share price has rallied 17.2 per cent over the last 5 days of trading after it announced its FY22 results on Monday, which included a 52 per cent increase in net profit, up from $80.7 million to $122.6 million, as well as an on-market share buyback of up to $150 million.
Media business Sky TV rose 1.6 per cent. Last week the company released full year results reporting an increase of adjusted net profit after tax of $49.2 million, a rise of 12 per cent, and above the guidance range it had given previously.
Fisher & Paykel Healthcare increased 1.5 per cent. The firm has recently agreed to acquire a 105 hectare site in Karaka, Auckland for $275 million to construct a second campus, perhaps signalling its long-term expansion ambitions to the market.
On the other side of the market, falls in share prices include those from technology solutions firm Vista Group (-2.7 per cent), and retirement village operators Oceania Healthcare and Summerset, falling 2.0 per cent each.
New Zealand's living wage, calculated by the Family Centre Social Policy Research Unit, rose 90 cents to $23.65 an hour.
The 4 per cent increase was still short of inflation, which has continued to rise since the living wage had last increased.
The Consumers Price Index (CPI) was last measured with a 7.3 per cent annual change for the June 2022 year. For comparison, the minimum wage currently sits at $21.20 an hour.
Australia
The ASX 200 closed lower yesterday, dropping 2.0 per cent to its lowest level since July 27.
All but two of the 11 sectors closed in the red. The materials (-4.9 per cent) and utilities (-3.0 per cent) sectors dragged down the index. Consumer staples (+1.0 per cent) performed well.
Following a volatile start to the week, Pointsbet Holdings continued its decline, falling another 15.9 per cent yesterday. The online bookmaker reported a A$267 million statutory loss for the year ended, stretching its week to date share price decline to more than 26.0 per cent.
Next in line was copper mining firm Sandfire Resources, down 12.1 per cent. Sandfire recently revealed it would not pay out a final dividend. It posted A$447.3 million of earnings before interest, tax, depreciation and amortisation (EBITDA) for FY22.
Australian fintech institution Tyro Payments also closed yesterday's trading session in the red, falling 11.1 per cent with the wider market sell-off.
On the flip side, retail company Endeavour Group rose 2.6 per cent yesterday, on no apparent news.
Medical device developer Polynovo Limited increased 1.9 per cent. The company announced the resignation of Dr David McQuillan as non-executive Director and his appointment as Chief Technical and Scientific Officer.
In macroeconomic news, the value of new loan commitments for housing dropped 8.5 per cent to A$28.4 billion in July 2022, according to data released yesterday from the Australian Bureau of Statistics (ABS).
• For more information on the latest market moves, get in touch with Jarden.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
Jarden is advising Heartland Group Holdings Limited in its announced capital raise.
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