Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
The S&P 500 gave up early gains, ending 0.1 per cent lower, the Nasdaq also fell
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
The S&P 500 gave up early gains, ending 0.1 per cent lower, the Nasdaq also fell 0.1 per cent having been up 0.7 per cent at one stage, and the Dow Jones Industrial average traded 0.15 per cent lower.
Some sectors performed well. Real estate (+2.7 per cent) and healthcare (+2.1 per cent) led the sector movers, while only two out of 11 sectors traded in the red – energy (-2.9 per cent) and materials (-0.7 per cent).
Pharmaceutical and biotechnology company Moderna led the best performing stocks, up 7.2 per cent. The US$50 billion company's chief medical officer, Paul Burton, had discussed development of a new product, that will allow Australians access to a single-shot vaccine for Covid-19 and influenza by 2024, as clinical trials are set to begin. Burton expects combined vaccines will be the key to fighting respiratory diseases in the aftermath of the pandemic.
Next in line, DaVita Inc rose 5.9 per cent after the previous day's loss. The healthcare company announced it will hold a special conference call with investors tomorrow. This call follows a recent US Supreme Court decision rejecting a claim from DaVita in its case against an employer health plan.
Rounding out the top performers was Crown Castle International Corporation. The real estate investment trust and provider of shared telecommunications infrastructure recently filed that a large investor had decreased its holdings by 3.1 per cent, worth US$1.93 million.
Conversely, tobacco company Altria Group led the underperformers, trading 9.2 per cent lower at the time of writing. The company reacted to the Biden administration's new ruling requiring tobacco companies to reduce nicotine levels in cigarettes sold in the US to minimal or non-addictive levels.
The mining company, Freeport-McMoRan fell 6.5 per cent.
Marathon Oil Corporation declined 6.3 per cent at the time of writing. Shares of the energy company are trading lower amid a dip in oil prices following the announcement of the Biden administration's plan to suspend the federal tax on gasoline and diesel. It is still subject to approval by Congress.
Rest of the World
Asian markets were in the red, with the Shanghai Composite, the Nikkei and the Hang Seng trading down 1.2 per cent, 0.4 per cent and 2.6 per cent, respectively.
Similarly, European markets were also trading lower. The FTSE, the DAX and the CAC dropped 0.9 per cent, 1.1 per cent and 0.8 per cent.
Commodities
WTI Crude Oil decreased 3.4 per cent to US$105.81 per barrel.
Gold traded flat at US$1,838.2 per ounce. Silver fell 1.6 per cent to US$21.4 per ounce.
After a positive day yesterday, the cryptocurrency market was largely in the red. With no central bank willing to come to the rescue, billionaire crypto exchange boss Sam Bankman-Fried has signed deals to bail out two firms, whereby one will receive a US$250 million revolving credit facility. Bitcoin dropped 4.1 per cent and Ethereum fell by 5.2 per cent.
The US 10-year Treasury rate and the 30-year rate both fell 15 basis points to 3.149 per cent and 3.235 per cent, respectively. Discussing concerns over the "possibility" of a recession, the US Federal Reserve chief Jerome Powell said, "we are strongly committed to bring inflation back down".
New Zealand
The NZX 50 slipped 0.2 per cent to 10,678.67 points.
Manufacturing company Skellerup Holdings gained 5.5 per cent to close as the top performer.
Fletcher Building improved 5.0 per cent. The construction company confirmed its guidance for fiscal year 2022 earnings before interest and tax (before significant items), expected to be around $750 million.
Electricity gentailer Mercury NZ rounded out the podium of outperformers with a 2.8 per cent gain.
Among the bottom movers, transportation technology company EROAD slid 5.4 per cent.
Pacific Edge lost 4.1 per cent. The cancer diagnostics firm's annual results for the year ended 31 March 2022 included a net loss of $19.8 million, 39 per cent larger than the previous year. The company saw strong growth of Cxbladder tests through its laboratories, up 46 per cent to 23,086 tests.
Contact Energy closed in the red, down 3.3 per cent.
Statistics New Zealand data for the month of May 2022 outlined an 18 per cent year-on-year increase in goods exports to $7.0 billion. Petroleum and product gains drove a 49 per cent increase in goods exports to Australia. On the flip side, exports to China were down 3.8 per cent, led by a reduction in milk powder, butter and cheese.
Goods imports rose 24 per cent compared with May 2021 to $6.7 billion, led by petroleum and products (+39 per cent). Automotive diesel soared 112 per cent in value and 91 unleaded petrol rose 97 per cent.
Reserve Bank of New Zealand credit card spending data revealed an uptick in seasonally adjusted total billings in New Zealand from $3.8 billion during April to $3.9 billion in May 2022. Total credit limits continued their fall to reach $21.4 billion in May, the lowest level in over seven years.
Australia
The ASX 200 lost 0.2 per cent on Wednesday to 6,508.50.
Sector performance was mixed with six out of 11 closing lower. Energy and utilities increased 2.1 percent and 2.0 per cent respectively. The worst performing sectors were information technology (-1.6 per cent) and consumer discretionary (-1.3 per cent).
APA Group was the top performing stock, increasing 4.2 per cent.
Ampol gained 4.1 per cent. On Tuesday the company announced the replacement of Michael Abbott, former Company Secretary, effective from announcement day. Faith Taylor replaced Abbott from 21 June 2022.
Technology company Iress Limited also closed in the green, rising 3.8 per cent to recover from losses faced in the past month.
St Barbara led the laggards, dropping 17.9 per cent. The company announced a strategic review of a project that may extend the life of its Simberi mine in Papua New Guinea.
Zip Co closed 11.0 per cent lower.
Health supplements company Blackmores fell 8.7 per cent to a new 52 week low.
Fletcher Building held their investor day yesterday and rose 2.3 per cent on the ASX to A$4.54 last night.
Liberty Financials announced their final distribution amount of A$0.28 per share with a record date for June 30. The distribution is for the period December 1 to June 30, 2022 and will be paid on August 31.
Four shareholders of Humm Group have stepped down after a deal with Ahmed Fahour's Latitude Financial fell through. Humm Group fell 3.8 per cent to A$0.51 after hitting a 52-week low on Friday last week.
Bradley Jones, former International Monetary Fund banker, has been appointed RBA assistant governor coming from a role in the central bank's economic analysis department to this new position.
Jarden is advising Zip Co on its definitive agreement to acquire Sezzle.
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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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