Market Announcements
Market Summary
The New Zealand share market added to its weekly gains on Tuesday as volumes picked up from subdued levels. The S&P/NZX 50 index rose 0.20% to 12,936.41 points with 27.6 million shares changing hands, amounting to $103.6m in value traded.
The big news on the market was the death of Michael Hill International’s founder, Michael Hill.
Fisher & Paykel Healthcare led volumes, with nearly $18m worth of the company’s shares trading hands throughout the day. The index’s largest constituent was up 1.12% to $36.98. Spark New Zealand, the third-most-traded stock in terms of value, fell 1.41% to $2.455. On Monday, the firm said it was considering its three newly appointed directors as candidates to replace longstanding chair Justine Smyth.
Infratil shares gained 2.48% to $11.99, approaching the $12 mark for the first time since January.
Going in the other direction was 2 Cheap Cars Group, which tumbled 11.11% on low volumes to 56c. The drop came after an announcement on Monday, in which it told the market that while it expects vehicle sales to exceed those in 2025, it anticipates net profit after tax (Npat) to fall year-on-year.
Software firm IkeGPS’ shares dipped 0.97% to $1.02 after it reaffirmed guidance in a first-quarter trading update and reported annual subscription revenue exit run rate rising 29% on the prior corresponding period.
New Zealand earnings season will kick off in August when PGG Wrightson reports full-year earnings on Aug 12. Later this week Meta, Microsoft and Amazon report in the United States.
Source: Business Desk
Australian Market Report
Ahead of the local open SPI futures were 7 points lower at 8662.
- close [Morningstar with AAP]: The local share market has finished higher after the US and the European Union agreed on a preliminary trade deal, greatly easing fears of a global trade war.
The benchmark S&P/ASX200 index on Monday closed up 30.8 points, or 0.36 per cent, to 8,697.7, while the broader All Ordinaries rose 29.2 points, or 0.33 per cent, to 8,963.5.
During a meeting at Donald Trump's Scottish golf course over the weekend, the US President and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain.
But details remain vague and nebulous.
Traders were also watching for this week's Federal Reserve meeting.
Despite Mr Trump's pressure campaign, a rate cut is considered unlikely, with the futures market giving it just three per cent implied odds.
ANZ's research team said it would look at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting was "live" for a rate cut.
Closer to home, the Australian Bureau of Statistics on Wednesday will release a second-quarter consumer price index readout that could determine whether the Reserve Bank cuts rates in August.
"At this point, a rate cut in August feels almost nailed on, but this week's data will need to reinforce the case that inflation is under control," eToro market analyst Josh Gilbert said.
Eight of the ASX's 11 sectors finished higher on Monday, with energy, materials and utilities lower.
In the energy sector, Boss Energy plunged 44 per cent to a more than three-year low of $1.905 after the uranium producer flagged challenges at its Honeymoon uranium mine in South Australia, which resumed production in 2024.
Drilling suggests the mine holds less uranium than thought, potentially impacting its forecast production target of 2.45 million pounds of yellowcake a year.
Other uranium companies finished lower as well, with Deep Yellow falling 8.4 per cent and Paladin dropping 4.4 per cent.
In the materials sector, BHP retreated 1.2 per cent to $40.30, Rio Tinto lost 1.6 per cent to $116.95 and Fortescue retreated 1.1 per cent to $18.14.
All of the big four banks were higher. CBA rose 1.2 per cent to $174.90, NAB advanced 0.7 per cent to $37.76, Westpac added 0.5 per cent to $33.21 and ANZ lifted 0.3 per cent to $30.31.
In the tech sector, WiseTech Global rose 0.3 per cent to $120.50 per cent after naming chief of staff Zubin Appoo as its new chief executive, as the logistics platform tries to move on from distracting governance issues involving billionaire co-founder Richard White.
The Australian dollar had dropped to a one-week low against its American counterpart, buying 65.50 US cents, from 65.81 US cents at 5pm on Friday.
ON THE ASX:
The benchmark S&P/ASX200 index on Monday gained 30.8 points, or 0.36 per cent, to 8,697.7
The broader All Ordinaries rose 29.2 points, or 0.33 per cent, to 8,963.5
The NZX 50 added 57.28 points (0.44%) to 12,910.74 while the Nikkei dropped -457.96 points (-1.12%) at the time of writing, to be closed at 40,998.27
Companies Holding Annual General Meeting (ASX 300):
ALS Limited
Overseas Market Report
[Morningstar with Dow Jones]:
U.S. stocks ended lower. The DJIA fell 0.5% to 44,632.99, the S&P 500 slipped 0.3% to 6,370.86, and the Nasdaq dropped 0.4% to 21,098.29.
Among S&P 500 companies, the top three gainers were Corning Inc GLW surging 11.97%, Incyte Corp INCY jumped 10.26%, and Cadence Design Systems Inc CDNS lifted 9.45%.
The biggest decliners were Carrier Global Corp CARR which dropped 10.52%, United Parcel Service Inc UPS fell 10.50%, and Brown & Brown Inc BRO lost 10.38%.
Asia
Chinese shares closed higher. The benchmark Shanghai Composite Index rose 0.3% to 3,609.71, and the Shenzhen Composite Index gained 0.5% to 2,222.13.
Hong Kong shares ended lower. The benchmark Hang Seng Index fell 0.1% to 25,524.45.
Japanese shares closed lower. The Nikkei Stock Average declined 0.8% to 40,674.55.
India shares ended higher. The BSE SENSEX added 0.6% to 81,337.95.
Europe
Stocks in the U.K. finished higher. The FTSE 100 Index increased 0.6% to 9,136.32.
In Europe, shares closed higher. Germany's DAX rose 1% to 24,217.37, and France's CAC 40 increased 0.7% to 7,857.36.
