Australia and New Zealand Market Movers is provided by: Australasian Trading Management.
The Australian share market was a touch higher yesterday (ASX 200 index +0.07%) as he ASX avoided a sixth straight loss despite the major banks continuing to weigh on the market. Commonwealth Bank led the market losses following its appearance at the royal commission as it was revealed the bank had made a slew of errors, including charging double interest on around 2,500 simple business overdrafts. Gaming company Aristrocrat surged +8% as its digital social gaming revenue helped drive a +35% jump in half year profit.
The New Zealand market made gains on Thursday (NZX 50 index +0.44%) as A2 Milk rebounded from recent selling, while Fletcher Building and honey producer Comvita fell. In stock news, retirement village Metlifecare said It will build a $180 million retirement village in Auckland’s Beachlands, one of the ‘greenfield’ sites the industry it has been accumulating. Metro Performance Glass rose +7% as investors were relieved that while Its full-year profit fell -16% to $16.3 million, this was in line with guidance it gave in April (and not another downgrade).
Global markets were lower overnight amid renewed tensions between the US and China and as the oil price retraced, weighing on the energy sector.
Investors sold off stocks after President Donald Trump cancelled a planned historic summit with North Korean leader Kim Jong Un and threatened tariffs on auto imports while trade tensions with China simmered. Oil prices recorded their largest one-day drop in two weeks, with expectations building that OPEC (Organisation of Petroleum Exporting Countries) could wind down an output deal due to concerns about supplies from Venezuela and Iran.
Stock in Focus: Ryman Healthcare (RYM:NZ)
3 Things Markets Will be Watching this Week
1. The development of trade talks between the US & China.
2. US Federal Reserve Chairman Powell makes a speech on Friday, following the release of the latest Fed meeting minutes on Wednesday.
3. This week also sees a number of profit updates from ASX/NZX company’s which we will be watching closely
Australia and New Zealand Market Movers is provided by Australasian Trading Management. ATM is an independent research house covering stock analysis across major markets including the ASX, NZX and US markets. We make our research easy to understand and concise, taking complex issues and simplifying them so that you can make informed and accurate decisions. We have no conflicts of interest and our only goal is to generate positive returns for our members. We run transparent model portfolios to track performance and invest where we see the most value, in companies of all sizes across all industries, and often in smaller companies.
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