Elon Musk is involved in a legal dispute with Twitter after announcing plans to abandon a deal to buy the social media company. Photo Montage / Herald, AP and Getty Images
Keep up to date with the latest moves in the market, in association with the investment firm Jarden
All major US indices have been trading higher at the time of writing. The S&P 500 has gone up
1.0%, the Nasdaq is trading up 1.1% and the Dow Jones Industrial Average is up 0.7%.
Investors await the monthly report on the US Consumer Price Index, expected today, as this will likely affect how the Federal Reserve raises interest rates next week to fight inflation.
The sectors performed well, with all eleven trades in green.
The rise in oil prices helped push energy stocks higher (+1.7 percent). The technology sector also improved (+1.6 per cent).
Biopharmaceutical company Bristol-Myers Squibb led individual stock traders, up 5.0% at the time of writing.
This followed the US Food and Drug Administration which recently approved the Bristol-Myers oral treatment for plaque psoriasis, Sotyktu.
Gilead Sciences increased 4.8% after the health company revealed it resolved its HIV treatment dispute with five generic drug manufacturers, including Lupine, Apotex, Macleods Pharma, Cipla and Hetero Labs.
Rounding out the top engines was global information technology services company, DXC Technology, which was trading up 4.4% at the time of writing.
On the other hand, the Mosaic fertilizer company fell 6.7%, with no obvious news.
Financial services firm SVB Financial Group was down 4.1% and CF Industries Holdings, a manufacturer of hydrogen and nitrogen products, was down 4.0% at the time of writing.
In other stock news, Twitter fell 2.0% after the social media giant called Elon Musk’s third attempt to cancel its $ 44 billion (NZ $ 72 billion) acquisition invalid.
Twitter shareholders will vote on Tuesday whether to approve or reject Musk’s takeover bid.
Rest of the world
European markets closed positively, with FTSE, DAX and CAC up 1.7, 2.4 and 2.0 percent.
Asian markets were also green overnight. The Shanghai Composite was up by 0.8 percent, the Nikkei by 1.2 percent and the Hang Seng by 2.7 percent.
WTI crude oil traded 1.5% higher at US $ 88.1 per barrel.
Gold also performed well, up 0.7% to $ 1,740.6 an ounce.
The cryptocurrency market has been mixed, with Bitcoin up 2.9% and Ethereum down 3.0%.
The 10-year US Treasury rate increased by two basis points to 3.337%, while the 30-year rate increased by three basis points to 3.485%.
The NZX 50 was in the green, advancing 0.4% to 11,813.2 points.
The market reacted positively to the government’s announcement to eliminate the Covid-19 Protection Framework in yesterday’s afternoon session.
Managed Investment The Fonterra Shareholder Fund was the index’s top performer yesterday, up 5.8 percent. The fund will publish full-year 2022 earnings results on September 22.
Retail company The Warehouse Group also performed well, up 3.9%, now up 7.8% year to date.
Rounding out the top positions was the a2 Milk dairy, up 2.9%, now up 7.9% from the beginning of the year.
Synlait milk announced that the registration of Chinese-labeled infant formula a2 Milk, manufactured by Synlait, has been renewed until the new food safety legislation enters into force in February 2023. Re-registration under the new legislation.
Tourism Holdings was the weakest in the index with a 3.0% decline.
Yesterday Chorus was down 2.4%, but is still 7.7% higher from the start of the year.
The energy company Vector closed the last places, down by 2.2%.
The ASX 200 was up 1.0% to 6,964.5 points yesterday.
The sectors were almost all green, led by materials which grew by 2.2 percent. Consumer discretionary and information technology both increased by 1.5%. Healthcare was the only sector in the red (-0.3 per cent).
Mining company Nickel Industries gained 6.7% on Monday. The company recently updated its resource estimates.
CEO Justin Werner noted that the Hengjaya mine went from “2.4 million tons to 3.7 million tons of metallic nickel, an increase of 56%.
The mining companies Gold Road Resources and De Gray Mining were up 5.2% and 5.1% respectively.
On the other hand, lithium mining company Liontown Resources fell 3.1%. This followed the announcement that the company had awarded independent energy producer Zenith Energy a contract to supply power to the Kathleen Valley Lithium Project.
Zenith Energy will finance and build the 95 MW hybrid power plant for an initial period of 15 years. Once finished, it should have the largest off-grid renewable energy output of any Australian mining project.
Another lithium mining company, Lake Resources, saw its share price drop 2.7%.
Recycling company Sims Metals fell 2.8%, with no apparent news.
• For more information on the latest market moves, contact Jarden.
Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited.
All market prices and announcements come from Refinitiv, NZX and ASX.
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