News

The New Zealand market (NZX 50 Index, +0.8%) experienced a broad-based advance on Tuesday. Pacific Edge (+7.6%) rallied after announcing that new clinical evidence showed significant improvements in the performance of its Cxbladder product and had been accepted for publication in the American Urological Association (AUA) Journal of Urology.  Dairy shares performed well for a second day, with A2 Milk (+2.0%), Synlait Milk (+0.6%), and Fonterra Shareholders’ Fund units (+0.3%) advancing. 

US markets (S&P 500 Index +1.2%) advanced on Monday, as it recovers from one of its worst weeks since September. 

Many internationally important events will occur this week, including the interest rate decisions the US Federal Reserve, The Bank of England, and the European Central Bank. Locally, we have Food Inflation data on Tuesday and NZ GDP Growth Rate on Thursday. 

The New Zealand market (NZX 50 Index, +0.1%) barely eked out a gain on Thursday. The story of the day was Fonterra hiking its earning guidance to $0.50 to $0.70 per share, up from previous guidance of $0.45 to $0.60 per share. In response, Fonterra Shareholders’ Fund Units (+4.7%) rallied.

The New Zealand market (NZX 50 Index, -0.2%) inched down on Wednesday despite gains made by the big energy generators, including Meridian Energy (+2.0%), Genesis Energy (+0.8%), Manawa Energy (+0.6%), and Mercury NZ (+0.4%). 

The New Zealand market (NZX 50 Index, -0.4%) fell on Tuesday without much market news to digest. WasteCo Group (-15.8%) tanked to $0.08 on its first day on the NZX. Black Pearl Group (-39.2%) fell dramatically for the third day in a row, and now trades at less than half of its listing price. Summerset (-0.1%) announced that director Anne Urlwin will retire from its board in February 2023 to join the board at Infratil (-1.0%). 

US markets (S&P 500 Index -1.8%) declined on Monday, while 10Y Treasury Bond Yields (+0.1%) advanced above 3.6%, as investors consider the recent 2 weeks of gains in equity markets as overdone given risks awaiting 2023. 

The New Zealand market (NZX 50 Index, -0.1%) fell marginally on Friday, but finished the week up +2.5%. The weekly advance is largely thanks to Fisher & Paykel Healthcare’s (-1.1%) weekly gain of +16.8%, although the stock fell on Friday on the back of better-than-expected result. Gentrack (+1.2%) continued its advance, bringing its weekly gain to +46.8%.  

The New Zealand market (NZX 50 Index, +0.9%) rose on optimism that the US central bank can start to slow the pace of rate hikes. The New Zealand dollar also found support and is now trading at a three-month high against the US dollar ($0.6363) and an eight-month high against the Australian dollar ($0.93.58).