Market Announcements
Market Summary
The New Zealand benchmark index has erased half of its gains from Monday as Ebos Group fell below $30 for the first time since 2021. The benchmark S&P/NZX 50 lost 0.21% to 13,253.73 points on Tuesday, with 38.3 million shares worth $128.5m changing hands. After nearly reaching $43 last month, Ebos Group continued the losses that began when it reported earnings in late August, falling 2.22% to $29.97.
Infratil reversed the gains it made earlier in the week and fell 1.69% to $12.19. Citigroup initiated coverage of the infrastructure investor with a 'buy' rating on Friday
Large trading volumes passed through energy stocks, with Contact Energy leading the way with over $11m in value traded. The stock sank 0.22% to $9.13, while Meridian Energy lost 2.04% to $5.75. Mercury NZ, which also traded on elevated volumes, dipped 0.3% to $6.74, and Genesis Energy rose 0.42% to $2.40. Over the weekend, eight members of OPEC+ agreed to raise oil production from October by 137,000 barrels per day, an event cited by international media as a reason for energy stock moves.
KMD Brands was one of the largest decliners, losing 5.56% to 25.5 cents. Briscoe Group, which gained 1.25% to $5.69, will report its half-year results on Wednesday. In other news, an announcement from Oceania, saying its chief legal officer Claire Fisher had resigned, was followed a couple of hours later by one from Stride Property, saying it had hired her. Claire Fisher has been appointed as the general manager of corporate services at Stride and will officially start in November. Stride’s shares were up 0.78% at $1.29, and Oceania’s jumped 1.43% to 71 cents. Summerset Group’s shares lifted 1.55% to $11.11 while Ryman Healthcare traded flat at $2.56.
Source: Business Desk
Australian Market Report
Ahead of the local open SPI futures were 4 points lower at 8803.
- close [Morningstar with AAP]: Australian shares have continued to lose ground with energy, healthcare and real estate leading the falls, while gold surged to a record high.
The benchmark S&P/ASX200 fell 46.1 points, or 0.52 per cent, to 8,803.5 on Tuesday, as the broader All Ordinaries slipped 46.2 points, or 0.51 per cent, to 9,080.7.
The historically weak market month of September was so far living up to its reputation, CommSec market analyst Steven Daghian said.
"But of course, perspective is important here," he told AAP.
"It follows 10 record highs in August, five months of gains so it's normal to see markets take a bit of a pause at these levels."
Several companies went ex-dividend on Tuesday, encouraging sell-downs of CSL (-1.6 per cent), BlueScope Steel (-1.9 per cent), Medibank (-0.6 per cent), and Brambles (-1.8 per cent), while Regis Healthcare bucked the trend with a 1.3 per cent lift.
Roughly $700 million will be paid back to shareholders this week, only a small chunk of the tens of billions of dollars to be handed back by mid-October.
News Corp lost 1.4 per cent to $50.26 as it not only went ex-dividend, but announced the settlement of the Murdoch family succession dispute, which will put Lachlan Murdoch in control of the media empire via a $5 billion share deal between Rupert and his other children.
Eight of 11 local sectors finished the day lower as financials (-0.7 per cent), materials (-0.4 per cent) and energy stocks (-1.0 per cent) weighed on the bourse.
All big four banks were in the red, with Commonwealth Bank leading the losses with a 1.3 per cent slip to $166.08, followed by Westpac, which fell 0.8 per cent after Morgan Stanley labelled it its "least preferred" bank.
ANZ edged 0.2 per cent lower to $32.88 after flagging plans to cut more than 3000 jobs.
BHP fell one per cent after the miner settled a class action, agreeing to pay $110 million to Australian shareholders who bought shares leading up to the 2015 Fund??o dam failure in Brazil.
Spot gold reached a fresh high of $US3,659 ($A5,538) an ounce as the precious metal rallied on narrowing bets of a US Federal Reserve rate cut in September.
ASX-listed gold miners generally traded higher and are in their sixth-straight week of gains, with Sydney-headquartered Evolution Mining a standout, up 2.1 per cent on Tuesday to $9.12.
IT stocks and consumer discretionary shares also offered glimmers of hope on an otherwise dreary day, up 0.4 per cent and 0.3 per cent, as Australian tech tracked with a strong overnight Nasdaq session and as Wesfarmers and JB Hi-Fi led consumer stocks higher.
?The Australian dollar has broken above 66 US cents for the first time since July 24, buying 66.05 US cents, up from 65.76 US cents at 5pm on Monday.
ON THE ASX:
The S&P/ASX200 slipped 46.1 points on Tuesday, or 0.52 per cent, to 8.803.5
The broader All Ordinaries fell 46.2 points, or 0.51 per cent, to 9.080.7
The NZX 50 Lost -25.80 points (-0.20%) to 13227.93
Overseas Market Report
[Morningstar with Dow Jones]:
U.S. stocks ended higher. The DJIA climbed 0.4% to 45,711.34, the S&P 500 lifted 0.3% to 6,512.61 and the Nasdaq rose 0.4% to 21,879.49.
Among S&P 500 companies, the top three gainers were UnitedHealth Group Inc UNH surging 8.71%, Centene Corp CNC jumped 7.87%, and Super Micro Computer Inc SMCI lifted 7.27%.
The biggest decliners were Humana Inc HUM which dropped 12.04%, Albemarle Corp ALB fell 11.49%, and Fox Corp FOX lost 6.67%.
Asia
Chinese shares closed lower. The benchmark Shanghai Composite Index fell 0.5% to 3,807.29 and the Shenzhen Composite Index declined 1.1% to 2,400.55.
Hong Kong shares ended higher. The benchmark Hang Seng Index climbed 1.2% to 25,938.13.
Japanese shares ended lower. The Nikkei Stock Average declined 0.4% to 43,459.29.
India shares ended higher. The BSE SENSEX climbed 0.4% to 81,101.32.
Europe
Stocks in the U.K. finished higher. The FTSE 100 Index lifted 0.2% to 9,242.53. In Europe, shares closed mixed. The Germany's DAX dropped 0.4% to 23,718.45, and the France's CAC 40 gained 0.2% to 7,749.39
