Covid-19 vaccine manufacturer Novavax plunged 25 per cent after the company stated it has “substantial doubt” whether it can continue to operate as a going concern for the year.
On the flipside, the best performer was First Solar, which gained 16 per cent after issuing full year guidance ahead of market expectations.
US-listed Kiwi company Rocket Lab traded down despite reporting an almost doubling in its fourth quarter revenue to US$51.8 million.
Founder and CEO Peter Beck said the company plans to launch 14 to 15 missions in 2023, signing a multi-launch deal with Capella Space for four Electron launches starting in the second half of 2023.
The company has also established an Australian subsidiary to explore opportunities to support the expansion of the country’s national space capabilities.
European bond rates continued to rise on the back of continued high inflation numbers. German central bank President Joachim Nagel commented he expects an average inflation rate of around 6 to 7 per cent for the year.
Australia
The ASX 200 slid 0.1 per cent yesterday, with positive manufacturing data out of China encouraging a rally in commodities prices as well as ASX-listed mining stocks.
Notable gainers included BHP, which added 2.3 per cent, Rio Tinto, which rose 2.5 per cent and Fortescue, which gained 3.4 per cent.
Gold miners were also strong – Ramelius Resources surged 6.7 per cent, while St Barbara rallied 5.5 per cent.
Recently embattled engineering services firm Downer EDI announced the resignation of its group chief financial officer, following a plunge in its stock price as “accounting irregularities” emerged at its last update earlier this week.
New Zealand
The NZX 50 finished down 0.2 per cent yesterday to round out the February reporting season.
Electricity retailer and generator Meridian Energy was one of the last companies to report its half year numbers, reporting earnings of $425 million.
Church donations payments system Pushpay was placed into halt just after noon, with trading planned to resume tomorrow either on market open or when an announcement is made by the company.
Pushpay is currently in a takeover process with Australian private equity firm BGH Capital and US investment company Sixth Street, which have put forward a $1.34 per share bid to shareholders.
However, institutional investors and the NZ Shareholders Association have publicly announced their intentions to vote against the offer, which they say undervalues the company.
Cinema technology provider Vista Group rose 2.1 per cent after reporting revenue growth across the board in 2022, albeit still below pre-Covid levels.
The company attributed positive trends to the release of Avatar: The Way of Water and Top Gun: Maverick, which drove global box office up 22 per cent versus the prior year.
However, the company also called out cost pressures which have continued to affect it and the industry more generally, with Cineworld/Regal filing for bankruptcy in September.
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