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Home / Business

Jarden Brief: Sickly day for big pharma, but Aussie retail stats buoyant

NZ Herald
29 Aug, 2022 08:03 PM7 mins to read

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Australian retail sales climbed 1.3 per cent in July, beating the forecasted 0.3 per cent increase, to a record A$34.7 billion (NZ$38.9 billion). Photo / Getty

Australian retail sales climbed 1.3 per cent in July, beating the forecasted 0.3 per cent increase, to a record A$34.7 billion (NZ$38.9 billion). Photo / Getty

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

International

US

All major US indices were in the red at the time of writing. The S&P 500 was down 0.2 per cent, the Nasdaq dropped 0.5 per cent and the Dow Jones Industrial Average fell 0.1 per cent.

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Four of the 11 sectors were higher at the time of writing, led by energy, up 2.7 per cent.

Followed by utilities and consumer staples, rising 0.6 and 0.2 per cent, respectively.

Conversely, technology was the bottom performing sector, downgrading 0.8 per cent. Health and communication services also performed poorly, falling 0.4 per cent and 0.3 per cent, respectively.

Oil and gas company Diamondback Energy was the top performing stock at the time of writing, advancing 5.5 per cent. Energy stocks have jumped in price in line with WTI crude oil prices. This follows news of potential supply tightening from the Organisation of the Petroleum Exporting Countries (OPEC).

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Energy company APA Corporation and oil company Marathon Oil Corporation also performed well at the time of writing, advancing 5.4 per cent and 4.0 per cent, respectively. All of the top performers may have benefited from increased energy prices overnight.

Pharmaceutical company Catalent was the biggest underperformer, regressing 7.5 per cent at the time of writing.

This follows its earnings announcement before market open. Despite exceeding earnings expectations, the company's revenue and full-year outlook fell short of what had been anticipated.

Biopharmaceutical company Bristol-Myers Squibb also performed poorly, dropping 6.2 per cent. The company reported results from a mid-stage trial of its developing stroke treatment that did not meet the main objective of the study.

Closing out the bottom movers at the time of writing was Trip.com Group Ltd, slumping 5.0 per cent.

Rest of the World

Asian markets were mixed overnight. The Shanghai Composite lifted 0.1 per cent, Nikkei dropped 2.7 per cent, and the Hang Seng fell 0.7 per cent.

European markets were in the red. The FTSE decreased 0.7 per cent, the DAX was down 0.6 per cent and the CAC slipped 0.8 per cent. 
 
Commodities

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Gold traded 0.1 per cent higher to US$1,750.5 per ounce, while silver declined 0.9 per cent to US$96.7 per ounce.

WTI Crude Oil also performed well, rallying 3.9 per cent to US$109.9 per barrel at the time of writing.

The cryptocurrency market was in the green, with Bitcoin increasing 1.3 per cent and Ethereum up 3.6 per cent.

The US 10-Year Treasury rate rose seven basis points to 3.12 per cent alongside a five basis point gain in the 30-year rate, to 3.26 per cent. 
 
New Zealand

The NZX 50 closed at 11,507 points yesterday, down 0.9 per cent.

Leading the market was infant formula producer The a2 Milk Company, which rose 9.7 per cent following the release of its full year results.

The firm reported a net profit of $122.6 million, an increase of 52 per cent from $80.7 million reported the previous year, and well ahead of consensus estimates.

The business also announced an on-market share buyback of up to $150 million.

Rounding out the largest gains in the market was travel management business Serko, having increased 2.3 per cent, and medical real estate firm Vital Healthcare, up 1.3 per cent.

Conversely, fast food company Restaurant Brands fell 4.8 per cent following the release of their half year results. The firm reported net profit of $15.3 million, a decrease of 55.7 per cent from $34.5 million the previous year.

This was despite an increase in revenue of 8.2 per cent; the company has reported struggling to pass on inflationary pressures to customers.

Also seeing drops in their share prices were media business Sky TV (-4.7 per cent) and financial services firm Heartland Group Holdings (-3.8 per cent), following no news having been released.

In other news, ANZ's monthly employment indicator pointed to filled jobs increasing 0.5 per cent month on month  (0.4 per cent in June) with the annual rate picking up to 2.3 per cent year on year.

This uplift points to some firms having a bit of luck in adding to headcount, despite the widely broadcasted difficulties of hiring staff in a tight labour market.

Australia

The Australian share market was down significantly, following a mass sell-off on Wall Street at the end of last week. The ASX 200 closed 2.0 per cent lower after yesterday's trading session.

The local market fall followed hawkish comments from US Federal Reserve bank chairman, Jerome Powell, who stated the central bank would maintain rate hikes in attempt to reduce inflation.

All 11 sectors ended the day in red. Dragging down the index was information technology (-4.4 per cent) and materials (-2.4 per cent) sectors.

Medical device company Polynovo Limited was the biggest laggard, down 17.1 per cent. This fall is potentially connected to the release of Polynovo's financial year results, which were reported last Friday.

Next in line was mineral exploration company Chalice Mining which fell 10.0 per cent yesterday. Rounding out the bottom performers was Pinnacle Investment Management Group, trading 9.4 per cent lower.

On the flip side, fintech company Tyro Payments led the single stock movers, up 11.0 per cent. Tyro released its financial results for the fiscal year, reporting payments revenue of A$318.8 million, up 39.0 per cent from the year prior. The company also posted earnings before interest, tax, depreciation, and amortisation (EBITDA) of A$10.7 million.
 
Adbri Limited, a manufacturer of cement, lime and dry blended products, rounded out the top three stock movers, closing 2.8 per cent higher yesterday. Last week, management posted a 15.0 per cent drop in statutory net profit after tax to A$48.1 million, for the six months to 30 June 2022.

In macroeconomic news, Australian retail sales climbed 1.3 per cent in July, beating the forecasted 0.3 per cent increase, to a record A$34.7 billion (NZ$38.9 billion).

Despite households facing cost-of-living pressures, data from the Australian Bureau of Statistics indicated that shoppers spent large on retail outlets in July.

The monthly figure does not reveal whether the increase in turnover came from higher prices, or if consumers simply purchased more.

• 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
 

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