US markets were mixed ahead of votes at the Senate and House of Representatives on the US debt ceiling. Photo / Michael Bell, Getty Images
US markets were mixed ahead of votes at the Senate and House of Representatives on the US debt ceiling. Photo / Michael Bell, Getty Images
Keeping you up to date with the latest market moves, in association with Investment firm Jarden.
International
US
US markets were mixed this morning, preparing for the US debt ceiling vote in Congress. At the time of writing the S&P 500 was down 0.2 per cent, the Nasdaq Compositewas up 0.2 per cent and the Dow Jones Industrial Average had declined 0.3 per cent.
Energy stocks declined as oil and natural gas eased off. Oil giants Chevron and Exxon declined 0.9 per cent and 1.4 per cent, respectively.
Devon Energy dropped 3.2 per cent, while Diamondback Energy fell 2.1 per cent.
Chipmaker Nvidia increased 3.6 per cent, building on its recent gains from its quarterly result and as an AI-thematic beneficiary. This pushed Nvidia’s market capitalisation to exceed US$1 trillion.
Tesla was up 4.3 per cent following a Reuters report a private jet used by CEO Elon Musk arrived in China, supposedly his first visit in three years.
Arvida Group released its Financial Year 2023 result, recording underlying profit of $88.0 million, up 20 per cent on FY 2022.
Net profit after tax of $82.5 million was 59 per cent lower. 215 new units were delivered, and Arvida Chief Executive Jeremy Nicoll said overall the business had delivered a sound result on the back of record resale and new sale settlements of occupation rights for the year. Arvida rose 0.9 per cent yesterday.
Delegat Group provided a 2023 harvest announcement. The Group’s 2023 harvest is 45,340 tonnes, up 1.0 per cent on the 2022 harvest.
Task Group will delist from the NZX and formally shift its incorporation to Australia.
The number of new dwellings consented in April down 25.9 per cent compared to April last year and down 30.6 per cent compared to March according to Stats NZ.
Annually new dwelling consents in the year to April eased 9.3 per cent compared to the previous 12 months.
Australia
The ASX 200 declined 0.1 per cent on Tuesday.
Uranium miner Paladin Energy entered a trading halt after investors wiped 20 per cent off the company’s value on Tuesday following a threat by Namibia to nationalise some natural resources. The uranium producer awaits news about mining and petroleum assets in southern Africa.
Namibia, where Minister of Mines and Energy Tom Alweendo said the Government was considering taking minority stakes in mining and petroleum producers. Photo / Len Combrinck, Getty Images
Retirement village operator Lifestyle Communities released a trading update, downgrading its Financial Year 2023 home settlement target, but maintaining medium term settlement expectations. Lifestyle Communities declined 3.6 per cent yesterday.
Wesfarmers gained 0.5 per cent after its Strategy Briefing Day. Notably, management declined to lift its bid for Silk Laser Clinics.
The Australian Consumer Price Index is set for release today which will provide insight into the current inflationary environment.
Coming up today
US: Fed Beige Book, JOLTS Job Openings, Chicago PMI.
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