Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said Meta led a broad rally on the Nasdaq Composite and "it was nice to see green on our screens.
"But there's still plenty of volatility out there. Investors are closely watching what's going with the US earnings reports; things can turn quickly with company announcements.
"The Reserve Bank of Australia and Federal Reserve are due to increase their official rates at their next meetings. Higher interest rates will continue to be one of the main themes for the markets, as well as the Ukraine war," Sullivan said.
Inflation has reached 5.1 per cent in Australia – the highest since the introduction of GST in 2000. US gross domestic product contracted 1.4 per cent in the March quarter, with the market expecting 1 per cent growth.
The Nasdaq Composite rebounded 3.06 per cent to 12,871.53 points, after being down 22 per cent from its all-time high. S&P 500 Index was up 2.47 per cent to 4287.5, and Dow Jones Industrial Average increased 1.85 per cent to 33,916.39.
At home, Fisher and Paykel Healthcare drove the market higher, gaining 26c to $21.50 on trade worth $18.95m.
Pushpay Holdings, under takeover speculation, rose 7c or 5.6 per cent to $1.32; a2 Milk recovered 10c or 2.07 per cent to $4.92; Synlait was up 8c or 2.32 per cent to $3.53; Hallenstein Glasson gained 19c or 3.26 per cent to $6;02; and Arvida Group increased 3c or 1.86 per cent to $1.64; Serko increased 10c or 2 per cent to $5.10; Accordant Group rose 7c or 3.54 per cent to $2.05; Move Logistics gained 4c or 2.88 per cent to $1.43; and Rakon collected 3c or 1.82 per cent to $1.68.
Sanford was up 5c to $4.53 after telling the market it has sold its southern crayfish (spiny red rock lobster) quota for $49.3m to Deltop Holdings, a subsidiary of Fiordland Lobster Company.
Fonterra Shareholders' Fund was down 11c or 3.72 per cent to $2.85, nearing its all-time low of $2.80 set in May 2013. The fund has been impacted by Fonterra's capital restructuring to a flexible shareholding structure and increased costs on value-added products, resulting in dividend reductions. Fonterra also reported that infant formula exports to China declined 29 per cent in the last quarter, compared with the same time last year.
The fine run of The Warehouse Group, now part of the NZX 50, came to an end with a fall of 7c or 1.99 per cent to $3.45.
Precinct Properties, down 4c or 2.56 per cent to $1.52, has completed its $175m six-year green bond offer, including $50m over-subscriptions, with an interest rate of 5.25 per cent a year. Kiwi Property declined 2.5c or 2.3 per cent to $1.06.
Skellerup Holdings declined 10c to $5.72; Restaurant Brands decreased 25c or 1.91 per cent to $12.83; and Comvita down 8c or 2.37 per cent to $3.30.
Other decliners were AFT Pharmaceuticals shedding 10c or 2.7 per cent to $3.60; My Food Bag losing 3c or 3.19 per cent to 91c; Just Life Group falling 4c or 6.56 per cent to 57c; Green Cross Heath decreasing 4c or 2.96 per cent to $1.31; and Bremworth down 3c or 4.48 per cent to 64c.
Winton Land, down 1c to $3.26, is charging ahead with a traditional rezoning application for the Papakura Sunfield site after being knocked back by the Government for assessment as a fast-track specified development project. Winton wants to build up to 3500 houses.
Marsden Maritime Holdings earlier told the market it has revised its operating earnings to $8m-$8.5m for the year ending June, compared with $10.6m for the previous year – mainly because of a further softening in export log volumes through Northport. Marsden's share price was unchanged at $6.
