The New Zealand market had another down day yesterday. Photo / Supplied
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. The S&P 500 was down 1.6 per cent, the Nasdaq dropped 1.6 per cent and the Dow Jones Industrial Average fell 1.5 per cent.
All sectors declined with the exceptions of health (+0.2 per cent) and real estate (+0.2 per cent). Technology was down 2.8 per cent, financials lost 1.9 per cent and energy dropped 1.5 per cent.
The top performer was Tapestry, up 14.4 per cent after reporting adjusted quarterly profit of US51 cents per share which was above consensus estimates. The luxury fashion company, behind brands such as Coach and Kate Spade, also reported it expects Covid-related shutdowns in China to ease in June.
Satellite television company Dish Network hit another 52-week low but then recovered to be up 11 per cent. E-commerce company Etsy also hit a new 52-week low before reversing to be up 9.3 per cent.
Conversely, financial services company Synchrony Financial was the biggest laggard, down 8.1 per cent. Pharmaceutical company AmerisourceBergen dropped 7 per cent and packaging company WestRock rounded out the underperformers with a loss of 6 per cent.
Dating platform Bumble was up 23.3 per cent after reporting US$211.2 million in revenue for the first quarter which exceeded expectations. The company also said it saw a 7.2 per cent rise in paying users for the quarter.
Walt Disney hit a new 52-week low decreasing 2.5 per cent after warning about Covid-19's impact on parks in Asia.
Apple was down 5 per cent after recently being surpassed as the world's most valuable company by oil company Saudi Aramco.
The US Senate has voted overwhelmingly to give Jerome Powell a second term as Federal Reserve chairman.
Rest of the World
Asian markets were in the red overnight. The Shanghai Composite decreased 0.1 per cent, Nikkei fell 1.8 per cent, and the Hang Seng dropped 2.2 per cent.
Continuing the bearish tone, European markets were also in the red. The FTSE was down 1.6 per cent, the DAX declined 0.6 per cent and the CAC lost 1 per cent.
Commodities
Gold traded 1.7 per cent lower to US$1,822.20 per ounce, while silver dropped 4.4 per cent to US$20.64 per ounce.
Oil declined slightly by 0.3 per cent to US$105.40 per barrel.
The cryptocurrency market was largely in the red, with Bitcoin having decreased 2.9 per cent and Ethereum dropping 9.4 per cent.
The US 10-Year Treasury rate declined seven basis points to 2.844 per cent alongside a three-basis point decrease in the 30-year rate, to 3.008 per cent.
New Zealand
The NZX 50 resumed its downward trend and finished Thursday's trading session 0.5 per cent lower. This follows a volatile week caused by rising interest rates, inflation, global lockdowns, and the ongoing conflict in Ukraine.
The top performer was retirement village operator Ryman Healthcare, up 6.1 per cent and continuing a volatile week. Today, index builder MSCI (Morgan Stanley Capital International) will announce the outcome of its May Semi-Annual Index Review and any changes to the New Zealand Standard Index. Ryman Healthcare has been picked as a stock with potential to exit this index. Port of Tauranga rose 2.8 per cent during Thursday's trading session. Other notable performers included NZX Limited (operator of New Zealand's stock exchange) which increased 2.4 per cent.
Conversely, road charging and service provider EROAD dropped 5.4 per cent yesterday.
The company's share price is down more than 40 per cent year-to-date.
Shares in KMD Brands, which owns retailer Kathmandu, fell 3.3 per cent. Accident Compensation Corporation (ACC) reported it had acquired a 5 per cent stake in the company for $4.9 million on market.
The third largest decrease came from electricity distributor Vector, which fell 3.1 per cent.
In macroeconomic news, Stats NZ yesterday released international migration data showing a provisional net loss of 7,300 people in the year ended March 2022. New Zealand recorded its lowest net migration for a March year since 2012. In March, it was also announced that international borders were to be fully reopened with no isolation requirements. Air New Zealand dropped 2.7 per cent yesterday.
The Reserve Bank of New Zealand set one-year ahead inflation expectations to 4.88 per cent, which would equate to a 32-year high. The bank also stated OCR expectations continue to rise, with a 50-basis-point increase expected this quarter
Australia
The ASX 200 closed sharply lower yesterday, dropping 1.8 per cent to 6,941.0 points following the release of US inflation figures the previous day.
Thursday's trading session marks the Index's lowest close since late January as result season continues.
All the 11 sectors closed in the red. The information technology sector led these decliners, plummeting 8.7 per cent. This builds on the sector's recent downward trend, now down 22.5 per cent across the last month. It was followed by energy and consumer discretionary, falling 2.3 per cent and 2.2 per cent, respectively. The session's top sector was utilities, lower by 0.6 per cent.
Commercial explosives and blasting systems provider Orica was the index's top performer yesterday, improving 4.7 per cent. This movement followed the release of the company's positive half-year results prior to market open. Orica posted A$3.3 billion in revenue, a 25 per cent increase on the previous year.
Rounding out yesterday's top movers was energy supplier AGL Energy and petroleum company Ampol, increasing 1.7 per cent and 1.5 per cent, respectively.
Tech company Altium was the biggest underperformer yesterday, declining 16.7 per cent. This builds on the stock's current downward trend, now -44.2 per cent year to date.
Despite location-based services company Life 360's advancements earlier this week, the share price shrunk 12.0 per cent. The company is now down 64.1 per cent year to date.
Closing out the bottom movers was online accounting software provider Xero, reducing 11.6 per cent. The company announced its full-year results to end of March yesterday morning, posting NZ$1.1 billion revenues, a 29 per cent rise from the previous year. Although most result metrics met consensus estimates, there was a net loss of NZ$9.1 million. This may have discouraged investors, seeing the share price fall to its lowest level since May 2020.
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Disclaimer: The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
Scales Corporation shares are up after it upgraded guidance.