Cryptocurrency exchange Coinbase Global had fallen 10 per cent at the time of writing, along with Bitcoin and ether, after the Commodity Futures and Trading Commission filed a complaint against crypto exchange operator Binance. The CFTC alleges the exchange actively solicited US users and subverted the exchange’s own “ineffective compliance program”.
First Citizens Bank rose after it agreed to buy Silicon Valley Bank’s deposits and loans.
Disney will begin informing employees this week that they are being laid off. This will be the first of three rounds of cuts that will amount to 7000 job losses. Disney had risen 1.2 per cent at the time of writing.
Commodities
Brent Oil is currently trading 3.5 per cent higher at US$77.60 a barrel, while gold is trading 1.2 per cent lower at US$1,953.00 per ounce.
The US 10-year Treasury bond has gained 15 basis points to a yield of 3.54 per cent.
New Zealand
The NZX 50 Index rose 0.3 per cent yesterday.
Synlait Milk released its interim result yesterday, which was foreshadowed in a recent guidance update. Revenue reduced 3 per cent, earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 25 per cent, and first half net profit fell by 83 per cent.
Synlait outlined that the full financial recovery will take longer than planned and that operational stability and cost challenges have impacted performance with a range of economic and climatic factors that have impacted the stability of Synlait’s daily operations. Synlait Milk was the biggest underperformer of the NZX 50 yesterday, declining 5.4 per cent.
Contact Energy confirmed it is seeking up to $300 million for a six-year fixed rate, unsecured, unsubordinated green bond. The bonds will likely be rated BBB.
The proceeds of the offer will be used by Contact for the financing and refinancing of renewable generation and other eligible green assets in accordance with the terms of Contact’s Sustainable Finance Framework. Contact Energy rose 1.4 per cent yesterday.
Australia
The ASX 200 traded up 0.1 per cent on Monday.
Smiggle-owner Premier Investments released its interim result delivering record profits. Retail sales rose 17.6 per cent, online sales declined 12.5 per cent, and overall net profit after tax increased 6.5 per cent. Premier Investments’ share price declined 2.5 per cent yesterday.
The Greens have agreed to deliver their crucial support for the signature climate policy of the Albanese government, agreeing to back the Climate Change Minister’s reforms to the Safeguard Mechanism that caps the emissions of the nation’s 215 biggest carbon polluters.
The Climate Change Minister said Labor would provide another A$400m for “key strategic industries” to ensure Australia retained a sovereign capability when it came to steel, aluminium and cement. Santos declined 1.6 per cent and Woodside lost 3.3 per cent.
Shares in lithium developer Lake Resources fell 13.4 per cent after its non-executive chairman Stuart Crow sold a chunk of shares last week. Between March 17 and March 23, Crow sold just under eight million shares.
Coming up today
In Australia Retail Sales data is released and AUB Group has an Extraordinary General Meeting. In the US the Conference Board Consumer Confidence will be released.
For more information on the latest market moves, get in touch with Jarden.
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