Krispy Kreme queues in Manukau when the doughnut multinational opened a local store in Manukau, Auckland. Photo / Jason Oxenham.
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
All major US indices were in the red at the time of writing after Federal Reserve officials signalled they would likely not consider holding back on interest rate rises until there is a significant decrease in inflation.
The S&P 500 was down 0.2 per cent, the Nasdaq dropped 0.6 per cent and the Dow Jones Industrial Average dipped 0.1 per cent.
Sectors were largely in the red with seven of 11 posting losses. Materials was down 1.2 per cent, communication services lost 1.0 per cent and industrials dropped 0.6 per cent.
Conversely, energy was up 0.9 per cent, real estate gained 0.1 per cent and utilities nudged 0.1 per cent higher.
Technology company Jack Henry & Associates was the biggest underperformer, dropping 6.9 per cent. Semiconductor company Analog Devices dropped 6.0 per cent after CEO Vincent Roche said economic uncertainty was beginning to impact bookings.
Biotechnology company Moderna closed out the laggards with a decline of 5.1 per cent.
On the other hand, laboratory instrument manufacturer Agilent Technologies was the biggest outperformer, rising 7.9 per cent after announcing better-than-expected revenue and profit for its most recent quarter and increasing its full-year forecast due to strong order flow.
Off-price retailer of apparel and home fashions The TJX Companies Inc was up 4.4 per cent after posting a quarterly profit of 69 cents (US) per share which beat estimates by 3 cents (US) per share.
Oil manufacturer and refiner Valero Energy rounded out the top performers with an increase of 4.3 per cent.
Elsewhere, Krispy Kreme slumped 11.3 per cent after reporting quarterly results that showed lower-than-expected profit and revenue.
Rest of the World
Asian markets were in the green overnight. The Shanghai Composite increased 0.5 per cent, the Nikkei rose 1.2 per cent and the Hang Seng was up 0.5 per cent.
European markets were in the red. The FTSE dipped 0.3 per cent, the DAX dropped 2.0 per cent and the CAC lost 1.0 per cent.
Commodities
Gold traded 0.8 per cent lower to US$1776.00 per ounce, while silver dropped 1.7 per cent to US$19.75 per ounce.
Oil performed well, rallying 1.6 per cent to US$87.87 per barrel.
The cryptocurrency market was in the red with Bitcoin dropping 1.8 per cent and Ethereum down 1.6 per cent.
The US 10-Year Treasury rate rose seven basis points to 2.897 per cent alongside a four basis point gain in the 30-year rate, to 3.155 per cent.
New Zealand
The NZX 50 closed flat yesterday.
The Reserve Bank of New Zealand made the decision yesterday to lift the Official Cash Rate by 50 basis points to 3.0 per cent – its highest level since 2015.
Retail banks responded with moves to improve variable savings and borrowing interest rates, as the RBNZ warned investors that underlying inflation is still rising.
House prices are forecast to fall by "15 per cent from the December 2021 quarter peak".
Payment service provider Pushpay Holdings led the single stock movers, up 2.4 per cent. Tourism Holdings rose 2.4 per cent.
Rounding out the top performers was NZX (operator of New Zealand's stock exchange), which rose 2.3 per cent – the stock has closed in the green for a third day in a row.
On the flip side, medical supplier EBOS Group fell 3.0 per cent. Fleet management company Eroad joined the bottom three movers for the second day in a row, decreasing 2.7 per cent yesterday.
Engineered product manufacturer Skellerup Holdings also traded lower, down 2.2 per cent.
Fletcher Building (+1.3 per cent) delivered a bottom-line net profit after tax of $432 million for the full year to June 30, up by 42.0 per cent compared to the year prior.
Despite the ongoing shortage of Gib plasterboard in New Zealand, Fletcher Building made $8.4 billion revenue for the year and declared a final dividend of 22 cents per share, taking the full annual shareholder pay-out to 40 cents per share.
Chief executive Ross Taylor said they "expect to see ongoing profit growth".
In macroeconomic terms, data from Statistics New Zealand revealed the increase in producer prices for the second quarter, with input prices up 3.1 per cent and output prices up 2.4 per cent.
Australia
The ASX 200 continued its positive start to the week, improving 0.3 per cent to 7,127.7 points yesterday.
Six of the 11 sectors finished in the green, led by consumer staples, up 1.7 per cent.
This was followed closely by consumer discretionary and Australian real estate investment trusts, rising 1.4 and 1.3 per cent, respectively.
Healthcare was the largest laggard of the sectors, reducing 0.8 per cent. Energy continued its downward trend, dropping 0.6 per cent.
Financial services company Challenger was the index's top performer, improving 5.6 per cent yesterday and bouncing back from Tuesday's negative performance.
Supply-chain logistics company Brambles also performed well, lifting 5.1 per cent. The company released its 2022 full year results yesterday. Net profit rose 13.5 per cent to US$593.3 million and the company's final dividend increased by US1.5 cents per share to US12 cents per share.
Rounding out the top movers was Super Retail Group, advancing 4.7 per cent after announcing its 2022 full year results.
The company reported a record $3.55 billion in sales, surpassing the previous corresponding period by 2.8 per cent. The company also declared a final dividend of 43 cents per share.
Wagering services operator Pointsbet Holdings was the biggest underperformer, falling 7.7 per cent yesterday, down 48.9 per cent year to date.
This negative movement is despite the company announcing its shares have been approved for eligibility by the Depository Trust Company to facilitate real time electronic clearing and settlement in the United States.
Battery materials and technology company Novonix slipped 6.5 per cent, now 70.2 per cent lower year to date. The company will release its 2022 full year results on 24 August.
Closing out the bottom movers was fund manager Magellan Financial Group which fell 5.9 per cent, down 33.5 per cent year to date. The company reported A$553.5 million in revenue, 23.0 per cent lower than the previous year.
The Australian Bureau of Statistics announced the wage price index inclined 0.7 per cent in the June quarter. Overall wage growth rate was short of expectations at 2.6 per cent, the highest level since 2014. It is suggested that employers are anticipating pay rises above 3.0 per cent this year.
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Scales Corporation shares are up after it upgraded guidance.