Tesla shares have risen sharply off the back of strong growth in vehicle deliveries. Photo / Bevan Conley.
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
US markets were mixed at the time of writing. The S&P 500 and Nasdaq traded 0.4 and 0.7 per cent higher, respectively. The Dow Jones Industrial Average declined 0.2 per cent.
The leading sectors were consumer discretionary (+1.3 per cent), health (+0.8 per cent) and technology (+0.7 per cent) at the time of writing.
Conversely, the laggards were energy (-2.7 per cent), communication services (-0.8 per cent) and consumer staples (-0.2 per cent).
Tesla was the top performer among single stocks, up 9.5 per cent at the time of writing. The automaker's second quarter results reported adjusted earnings of US$2.27 per share, and revenue of US$16.9 billion. Tesla pointed to a rise in average selling price and vehicle delivery growth as key revenue drivers.
Danaher Corporation improved 9 per cent. The diversified conglomerate's second quarter results showed US$7.75 billion of revenue, and US$2.76 adjusted earnings per share.
Life science company Bio Rad Laboratories traded 7.4 per cent higher.
Carnival Corporation ranked among the bottom movers, declining 11.2 per cent at the time of writing. The cruise operator announced a US$1 billion stock offering at US$9.95 per share.
Pool Corporation traded 11 per cent lower. The swimming pool distributor reported second-quarter diluted earnings of US$7.63 per share, up 20 per cent year-on-year.
United Airlines slipped 10.4 per cent. The airline announced a return to profitability for the first time since the pandemic began. United reported revenue of US$12.1 billion, the highest second quarter revenue in company history. However, increased costs suppressed profit to US$329 million.
Rest of the World
Asian markets were mixed. The Nikkei gained 0.4 per cent, while the Shanghai Composite and Hang Seng fell 1.0 and 1.5 per cent, respectively.
The European Central Bank raised its benchmark rate for the first time in 11 years, up 50 basis points.
Conversely, the Bank of Japan kept rates steady, sticking with its relatively looser monetary policy settings.
For the 11th month running, Japan recorded a trade deficit - in June this was ¥1.3838 trillion. Import increases were driven by growth in consignments of Saudi Arabian oil, along with coal and gas from Australia and Southeast Asia. This underscores the pressures from rising input costs, particularly energy and commodity products, which Japanese businesses face due to global inflation, also aggravated by a weak Yen.
Commodities
The WTI Crude Oil price dropped 3.6 per cent to US$96.28 per barrel at the time of writing.
Gold was up 0.8 per cent to US$1,713.00 an ounce.
Cryptocurrencies Bitcoin and Ethereum were in the red, down 3.3 and 0.9 per cent, respectively.
The benchmark US 10-Year Treasury yield fell to 2.921 per cent.
New Zealand
The NZX 50 finished in the green, rising 0.6 per cent yesterday.
The outperformer of the day was Pacific Edge, up 5.3 per cent after it announced it had completed a commercial agreement with the Southern District Health Region for the use of its Cxbladder genomic biomarker tests.
Fisher & Paykel Healthcare increased 3.1 per cent. Mercury NZ (+2.6 per cent) announced it will hold its Annual Shareholders' Meeting on 22 September 2022. Heartland Group was also up yesterday, increasing 2.4 per cent.
Conversely, road charging and services provider EROAD was the biggest underperformer, down 5.3 per cent. Tourism Holdings lost 2.4 per cent and Property for Industry dipped 2 per cent.
Utilities company Vector declined 1.8 per cent. This comes after its announcement of operational performance for the year ended 30 June 2022. Electricity and gas network connections were up 1.6 and 1.3 per cent respectively compared to June 2021 and they have now installed over 489,000 advanced meters in the Australian market.
Statistics NZ's monthly trade balance for June 2022 was a deficit of $701 million with goods exports rising 7.7 per cent to $6.4 billion and goods imports increasing 25 per cent to $7.1 billion, driven by petroleum and products imports. The trade balance for the year ending June 2022 was a deficit of $10.5 billion, the largest deficit since the series began in 1960.
Australia
The ASX 200 closed 0.5 per cent up, adding an extra 35.1 points to the index. Information technology continued its strong performance with a 2.7 per cent jump bringing the sector up more than 15 per cent this week. All the remaining sectors also closed in the green.
Zip Co experienced the largest gains, with a 16.5 per cent jump in its share price. The buy now pay later provider released its fourth quarter 2022 result. It reported group revenue of A$160.1 million, up 27 per cent year on year. Customer numbers rose 64 per cent on the previous year to 12 million, while transaction volumes came in at A$2.2 billion for the quarter, up 20 per cent year on year.
Transport service provider Kelsian Group also closed in the green, up 14.7 per cent. This followed an announcement that Kelsian Group decided not to acquire London Stock Exchange listed GoAhead.
Link administration services closed out the top three performers, increasing 12.6 per cent.
Imugene Limited, a biotechnology company working on cancer immunotherapy, closed as the biggest underperformer, down 5.7 per cent. Even with this drawback yesterday, the company had risen78.0 per cent over the past month.
Woodside Energy declined 4.4 per cent after its production outlook seemingly missed investor forecasts.
Metal recycler Sims Limited also closed in the red, down 4.4 per cent.
Globe Metals & Mining Limited issued a trading halt pending an announcement release. Normal trading will resume on Monday, 25 July 2022.
• For more information on the latest market moves, get in touch with Jarden.
Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited
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
Briscoe Group's strong day came at The Warehouse Group's expense.