Video game retailer GameStop, famous for a 2021 short squeeze co-ordinated on Reddit, jumped 14 per cent overnight. Photo / 123RF
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
All the major US indices were in the green at the time of writing. The S&P 500 lifted 1.4 per cent, Nasdaq climbed 2.3 per cent and the Dow Jones Industrial Average inclined 0.9 per cent.
All sectors except two were all up. The top gainers were energy (+3.8 per cent), consumer discretionary (+2.4 per cent) and technology (+1.9 per cent). The underperformers were consumer staples (-0.3 per cent) and real estate (-0.1 per cent).
Outperformers were led by power solutions company ON Semiconductor Corp, rising 9.4 per cent.
Energy companies made a return in the gainers, with APA Corp gaining 8.3 per cent. Other energy companies with gains included Enphase Energy (+6.3 per cent), Diamondback Energy (+5.8 per cent) and Marathon Oil Corp (+6.2 per cent).
At the time of writing, Moderna was up 7.6 per cent. Conversely, Colgate-Palmolive declined 2.8 per cent.
Holding company Charter Communications fell 2.6 per cent and professional services company Aon dropped 2.5 per cent.
GameStop jumped 14.0 per cent following an announcement of the board approving a 4-for-1 stock split. At market close on 18 July, shareholders who own stock in the company will receive a dividend of three additional shares for each stock owned, to be distributed 21 July. Trading will be adjusted for the split the following trading day.
The US Census Bureau and the US Bureau of Economic Analysis released the May 2022 International Trade in Goods and Services report. The goods and services deficit decreased US$1.1 billion to US$85.5 billion in May. Exports increased to US$255.9 billion, and imports grew to US$341.4 billion.
In the Federal Open Market Committee minutes released in the US on Thursday, officials revealed their desire to continue increasing rates until inflation slows down, even at the risk of slowing down the economy.
Rest of the World
Asian markets rose overnight. The Shanghai Composite was up 0.3 per cent, the Nikkei improved 1.5 per cent and the Hang Seng lifted 0.3 per cent.
Beijing has increased Covid-19 restrictions following the re-emergence of cases in parts of China this week, including Beijing and Shanghai. Restrictions include vaccine requirements for entry into many venues.
European markets also closed higher. The FTSE gained 1.1 per cent, the DAX climbed 2.0 per cent and the CAC rose 1.6 per cent.
The Swiss National Bank delivered a rate hike for the first time in 15 years on Thursday, following many other countries in efforts to tighten monetary policy and avoid recent inflation.
Commodities
Gold traded 0.1 per cent higher at US$1,739 per ounce, while silver rose a slim 0.1 per cent to US$19.18 per ounce.
WTI Crude Oil gained back 4.7 per cent to US$103.18 per barrel, back over $100 for the first time this week.
Bitcoin rose 3.3 per cent and Ethereum inclined 6.3 per cent.
The US 10-Year Treasury rate increased nine basis points to 3.004 per cent alongside an eight-point incline in the 30-Year rate, to 3.195 per cent.
New Zealand
The NZX 50 closed for the first time this week with a 0.3 per cent decline. The main detractors came from industrials and utilities, which were down 0.7 and 0.4 per cent respectively.
Eroad continued to lead the index with a further 13.0 per cent jump in its share price. This brings the stock over 40 per cent up this week.
Following Wednesday's 5.6 per cent increase, travel management and expense technology company Serko climbed 3.0 per cent, bringing it 9.7 per cent up over the past week.
Many Real Estate Investment Trusts (REITs) also closed in the green, with Investore Property, Stride Property and Kiwi Property up 2.5, 2.4 and 1.5 per cent respectively.
Overall, the real estate sector was up 0.6 per cent.
On the other hand, Auckland International Airport experienced the biggest losses with a 2.4 per cent decline it its share price.
Contact Energy and Meridian Energy both closed in the red, down 1.8 and 1.5 per cent respectively.
Air New Zealand has released that it is trying to hire a further 1,100 staff to avoid potential travel chaos. The share price closed 0.8 per cent down.
Australia
The ASX 200 closed at 6,648.0 points yesterday, up 0.8 per cent.
Materials led sector growth with a 2.5 per cent increase. The consumer discretionary and financial sectors followed with gains of 1.3 and 0.9 per cent, respectively.
Industrials fell 0.8 per cent, followed by information technology (-0.5 per cent) and telecommunications services (-0.3 per cent).
Biotechnology company Imugene led single stocks with a 9.1 per cent lift.
Pinnacle Investment Management Group gained 7.6 per cent. The investment firm announced that 10 of its affiliates crystallised performance fees for the year ended 30 June 2022, equating to roughly A$57.1 million.
Of this sum, A$38.3 million crystallised during the second half of the 2022 financial year (FY22). Pinnacle estimates a net return on principal investments of approximately A$0.1 million for FY22.
Chalice Mining's share price was up 6.7 per cent. The miner announced the intersection of a new nickel-copper-platinum group element (PGE) sulphide zone at the Dampier Target, located at Chalice's Julimar Project in Western Australia.
Given the positive result, Chalice said it had prioritised nearby targets for immediate drilling.
Payment technology provider EML Payments dropped 9.9 per cent. Miner Lynas Rare Earths slipped 6.2 per cent and bookmaker Pointsbet Holdings fell 6.0 per cent.
Australia's trade surplus expanded to A$16 billion in May, an increase of A$2.7 billion for the month. Exports grew 9.5 per cent on the back of gains in coal, coke, & briquette exports, along with other mineral fuels.
Imports climbed 5.8 per cent, driven by increases in fuel and lubricant and non-industrial transport equipment imports.
In the month to 11 June, payroll jobs rose 0.1 per cent according to the Australian Bureau of Statistics. This compared to a 0.4 per cent fall for the same period in 2021, which was recorded during a lockdown in the Australian state of Victoria.
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