Cava, the Mediterranean restaurant group, made its first appearance on the New York Stock Exchange, with shares surging by 100.2 per cent at the time of writing.
The initial public offering was priced at US$22 per share, and the company sold 14.4 million shares, raising approximately US$318 million. This initial valuation places the restaurant chain at around US$2.45 billion.
Computer software company Adobe saw its shares rise by 2.4 per cent to US$490.9 per share ahead of its second-quarter results.
The US Department of Labor released Producer Price Index data showing a 0.3 per cent decrease in May.
This decline was higher than expected, as reported by Reuters, primarily due to lower costs associated with energy goods and food, which could eventually provide relief to consumers.
Commodities
Brent Oil is currently trading up 3.7 per cent at US$75.9 a barrel, while gold is trading 0.8 per cent higher to US$1959.1 per ounce.
Rest of the World
The European Central Bank lifted rates to the highest level in 22 years.
The central bank raised its benchmark policy by 25 basis points, taking the main rate to 3.5 per cent. Following the news, Stoxx 600 traded 0.1 per cent lower while the FTSE 100 was down 0.3 per cent.
New Zealand
The NZX 50 lifted 0.1 per cent on Thursday to 11,687.5 points after a relatively quiet day in the market.
GDP data showed New Zealand had entered a recession, with the economy experiencing a second consecutive quarter of contraction in the first three months of the year.
The country’s GDP declined by 0.1 per cent compared to the previous quarter when it experienced a revised 0.7 per cent drop.
New Zealand-based robotics specialist Scott Technology shares gained 9.1 per cent. The company announced a strategic review of its ownership structure following discussions with its majority shareholder, JBS.
The review is part of Scott’s commitment to its growth strategy, known as “Scott 2025,” which aims to streamline its business operations.
The process is expected to take several months, and the company emphasised that no decisions regarding potential transactions or outcomes will be made until the review is completed.
Te Pūkenga, New Zealand’s largest tertiary education provider, has teamed up with Apple to address the technology sector gap for Māori and Pasifika individuals.
The collaboration is part of Apple’s Racial Equity and Justice Initiative.
Approximately 20 teachers from 10 Kura and schools in Auckland, with high proportions of Māori and Pasifika students, will receive training in iOS skills such as app design and programming.
They will also receive ongoing support and device grants from Apple. Te Pūkenga will offer specialized training, facilitate industry workshops for students, and continue addressing the needs of learners.
Australia
The ASX 200 pushed 0.2 per cent higher over the day.
Insurance company IAG made the biggest gains of the index on Thursday with shares rising 4.6 per cent.
Charter Hall Group shares traded 0.8 per cent lower on Thursday. The Property Group earlier detailing its June 2023 valuation process, showing a drop in property valuations.
New Zealand-based chemical company DGL, listed on the ASX, has downgraded its earnings guidance for the 2023 financial year with cost increases being the main driver for the revision.
Shares dropped 17.2 per cent following the news with the share price ending the day at A$1.0 per share. Ebitda estimates have been revised downwards, now ranging from A$64 million to A$66 million, compared to the initial estimate of A$71.5 million to A$73.5 million.
Unemployment in Australia lowered to 3.6 per cent in May, down from 3.7 per cent seen in April, according to figures released by the Australian Bureau of Statistics.
Beating expectations, employment increased by around 76,000 people and the number of unemployed decreased by 17,000 people.
Coming up today
Eurozone: CPI
NZ: Manufacturing PMI
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