News

The correction in the US market over the last 6-trading sessions is actually the fastest -10% decline in the S&P 500 index from a record high, and even beats the Black Monday episode in October 1987 in that respect. With a day left to run, we are on track

​​Global markets were lower ​on Friday as US stocks sold off and the Nasdaq​ technology index​ had its worst daily percentage decline in about three weeks​. A spike in new coronavirus cases and data showing a stall in US business activity in February fuel

​​Global markets tumbled overnight as coronavirus continues to spread globally to more than 30 countries, with South Korea reporting a jump in infections and Italy locking down an area of 50,000 people near Milan.

Ebos led the NZ market higher yesterday, rising 3.4% as the pharmaceuticals distributor reported a first-half profit of $81.7 million, up from $67 million a year earlier, as the impact of winning the Chemist Warehouse Group contract kicked in from July.

The US market reopened lower after president’s day to digest information regarding a slowdown in new cases of coronavirus, coupled with weak revenue forecast from Apple due to production and demand disruption in China due to the coronavirus.

WiseTech Global (WTC) shares were the biggest losers yesterday, when its shares slumped -27.3% after materially downgrading their full year guidance for the 2020 full year.

Closer to home, it was another busy day yesterday in terms of earnings announcements from Aussie and Kiwi companies. We will provide full updates on all stocks under our research coverage in our weekly report.

​For the week ahead, ​the focus locally will be​ announcements from Aussie and Kiwi companies.

Equity markets across Asia were mixed overnight  with investors sitting on the sidelines as they continue to digest the impact of the coronavirus outbreak, with the Chinese government pledging to support its economy with potential corporate tax cuts.