Keeping you up to date with the latest market moves, in association with Investment firm Jarden
The NZX 50 was flat yesterday.
Healthcare was the top-performing sector again, up 1.3 per
cent, while financials rose by 0.4 per cent. On the flip side, consumer cyclicals and energy both fell by 1.4 per cent.
Film company Vista Group International rose by 4.2 per cent and recovered from last week's decline. Napier Port was another partial recovery story, up 2.8 per cent following a 3.6 per cent decline on Monday. Synlait Milk rose by 2.4 per cent.
SkyCity Entertainment Group was the worst performer of the NZX 50 yesterday, down 3.6 per cent. This followed the announcement that SkyCity Adelaide casino and entertainment facilities will remain closed until at least 27 July with heightened Covid-19 restrictions in South Australia, entering a minimum seven-day lockdown.
Financial exchange operator NZX Limited fell by 3.2 per cent.
Genesis Energy declined by 2.6 per cent following an update to financial year 2021 guidance and the release of the fourth quarter performance highlights. EBITDAF guidance is now between $405 million and $410 million. The board also announced the results of its review of its ownership of Kupe gas field. It was decided that retention of the asset "in the best interests of shareholders and the Company" being an important component in the transition to reduced carbon emissions. Genesis holds a 46 per cent stake in the gas field.
US Markets are in the green this morning, bouncing back from yesterday's horror session. At the time of writing, the S&P 500 was trading up 1.6 per cent, the Nasdaq was up 1.6 per cent and the Dow Jones Industrial Average (down 2.5 per cent yesterday) clawed back 1.7 per cent.
At the time of writing, all sectors were making gains. The leaders were industrials and financials, advancing 2.7 and 2.6 per cent respectively.
HCA Holdings led the way with a strong performance so far this morning, up nearly 15 per cent at the time of writing. HCA owns and operates hospitals and other similar facilities, with the company a likely benefactor as demand for its products will spike with Covid-19 cases on the rise. Furthermore, Norwegian Cruise Line Holdings traded up to offset some of this week's losses to be up 7.4 per cent at the time of writing.
Weighing down index performance so far are today's single stock losers, manufacturing company PPG Industries and marketing company Omnicom both making losses of 4.6 and 4.0 per cent against the run of the tide.
Rest of the World Markets:
Asian indices traded mostly lower again overnight as China kept its one-year Loan Prime Rate (LPR) steady at 3.85 per cent while the 5-year LPR also remained at 4.65 per cent. The Nikkei and Hang Seng made losses of 1.0 and 0.7 per cent respectively, with the Shanghai Composite recording a slim 0.1 per cent loss of its own.
Amongst commonly tracked commodities. Gold was higher by 0.1 per cent to trade at US$1,810.2 per ounce. Oil followed the markets trend and looked to gain back some of yesterday's 8.0 per cent loss, up 1.8 per cent to US$67.6 per barrel at the time of writing. Yields also held strong, the US 10 year is now priced at 1.2 per cent.
Crypto currencies took another dive, with Bitcoin down 3.0 per cent to US$29,765.41 while Ethereum was down 1.7 per cent to US$1,788.7.
On Tuesday, the ASX 200 closed 0.5 per cent lower, setting a new 20-day low.
Seven out of 11 sectors were underperforming, with materials (-1.8 per cent) and utilities (-1.7 per cent) booking the biggest losses. Healthcare (+0.9 per cent) and information technology (+0.4 per cent) were the best performing sectors yesterday.
Oil and gas explorer Oil Search Limited (+6.3 per cent) recovered more than its losses from the previous session, making it the top performer of the day. The drop on Monday was caused by the company announcing a leadership change. Additionally, yesterday, gas and petroleum explorer Santos confirmed an AU$23 billion merger proposal, which was presented to Oil Search at the end of June. This came as a bit of a surprise given Oil
Search's chairman, Rick Lee, had said the firm was not approached with any offers lately. Some are now calling for Lee to be let go for misleading the market. Santos's share price dropped by 5.0 per cent, making it one of the worst performers of the day.
Buy now pay later company Zip Co rose by 5.4 per cent, followed by JB Hi-Fi Limited, up 3.7 per cent. The market was reacting positively to the consumer electronics retailer's sales and full-year 2021 results update from yesterday.
Nickel Mines Limited was the biggest decliner of the session, down 6.2 per cent. This was closely followed by Unibail-Rodamco-Westfield, decreasing by 6.1 per cent. The shopping centre operator was continuing its downward trend, with increased restrictions being implemented due to the pandemic.
• 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>