“It was a more stable night in the US, and the Nikkei and Kospi indices had better days after challenging sessions at the end of last week.”
On Wall Street, the Nasdaq Composite increased 0.86% to 25,929.66 on the back of a recovery in semiconductor and technology stocks. The S&P 500 was up 0.3% to 74054.73 and the Dow Jones Industrial Average was down 0.16% to 50,786.01.
The Japanese Nikkei 225 was up 2.06% at 6pm NZ time, and the South Korean Kospi had risen 7.29%.
Lister said investors in the US were waiting for the latest consumer price index numbers – inflation is expected to rise to a three-year high of more than 4%.
“The Federal Reserve is meeting next week, and it’s Kevin Warsh’s first as the new chair. The Fed won’t cut interest rates this time, and the market will be watching for the tone of the commentary.
“And there’s the SpaceX listing,” Lister said. “There’s plenty of local interest, and we will see how it develops.”
SpaceX is listing on the Nasdaq Composite on Saturday morning NZ time at a price of US$135 ($231.58) a share, giving the company an initial market capitalisation of US$1.77 trillion, making it the largest initial public offering (IPO) on record.
There are 13.1 billion shares worth US$75 billion on offer, and NZ wholesale investors can have a crack at getting some through local brokers.
Lister said, “My guess is that demand will outstrip supply, and it could be a difficult one for investors to get a piece of the IPO. But there is a lot of talk amongst investors.”
Asked if the SpaceX listing would impact Rocket Lab, Lister said, “There’s room for both in the market. Space is an exciting sector, and both companies are making great progress.
“I’m sure Rocket Lab will focus on its own business and not worry about what other companies are doing.”
NZ-founded Rocket Lab has risen 49.5% so far this year and is currently trading at US$113.65, having reached a May 27 peak of US$150.23.
The Brent Crude oil price was down slightly, trading at US$93.20 a barrel, while a standoff continued in the Middle East negotiations.
Local stocks
At home, market heavyweight Fisher & Paykel Healthcare led the way by rising $1.04 or 2.79% to $38.30.
Mainfreight rose $3 or 4.84% to $65; Freightways was up 20c to $13.40; Auckland International Airport increased 17c or 2.09% to $8.29; Chorus added 26c or 2.76% to $9.69; and Vista Group rebounded 11c or 5.16% to $2.24.
Ebos Group continued to climb, up 40c or 1.95% to $20.90; Summerset increased 35c or 4.5% to $8.13; NZME was up 2.5c or 2.24% to $1.14; and the NZX rose 5c or 3.79% to $1.37.
Economically sensitive stocks had a better day, with Fletcher Building up 13c or 4.29% to $3.16; Vulcan Steel increasing 32c or 5.35% to $6.30; and Air NZ rising 2.5c or 6.02% to 44c.
Spark decreased 5c or 2.63% to $1.85; a2 Milk shed 23c or 3.52% to $6.30; Third Age Health fell 15c or 3.16% to $4.60; Eroad declined 2.5c or 2.28% to $1.07; and Oceania Healthcare was down 1.5c or 2.01% to 73c.
In the energy sector, Mercury decreased 10c to $6.80; Genesis was down 4c to $2.53; Meridian gained 3c to $5.80; and Contact was up 4c to $9.52.
Scott Technology increased 15c or 6.17% to $2.58 after announcing $12m worth of new materials handling and logistics contracts in Europe and North America.
The contracts include an extension order with Dutch vegetable processor Bakker, a new palletising installation for a frozen potato facility in Canada, and an integrated palletising and automated guided vehicle solution for a poultry processor within the JBS Group in Georgia, US.
Mānuka honey producer Comvita, up 2c or 2.99% to 69c, has appointed Michael Chye, chief executive of BeerCo, as the Fraser and Neave representative on the board. Singapore-listed Fraser and Neave has taken a 19.9% shareholding in Comvita.
Tāiko Critical Minerals, down 1.5c or 6% to 23.5c, has lodged a Fast-track application for mining the southern block of the Barrytown project on the West Coast.
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