Tourism Holdings: Return of the Optimist
Tourism Holdings' strong FY15 result and optimistic strategic target reaffirm the strength in THL’s financial and market position.
Most Global Stocks Advance
Most global indices rose, led higher by energy companies as WTI crude rallied +6.3%.
US stocks little changed
US stocks ended little changed, with the S&P 500 on track for its worst month since May 2012, as equities found some breathing space from the wide swings prevalent earlier last week. At Friday’s close the S&P 500 had added +0.1%, whilst the Dow Jones Industrial Average lost -0.1%. Friday’s data showed consumer spending climbed in July as incomes grew, showing the biggest part of the US economy was off to a good start to the quarter.
Energy companies advanced as oil capped its biggest two-day gain since 2009, with Chevron and Transocean rising +3.6% and +5.0%, respectively. Intel and Facebook rallied +2.5% and +1.4% to boost technology shares. Wal-Mart Stores lost -1.7%, to lead consumer staples lower.
European and UK stocks continue rebound
European stocks ended up posting their first weekly gain since China devalued its currency. The Stoxx Europe 600 climbed +0.3%. Svenska Cellulosa climbed +4.4% after announcing it will divide its assets into two standalone units. Ingenico slipped -7.9% after the French payments-processing company was said to join bids to buy Worldpay.
The UK’s FTSE 100 closed up +0.9% on Friday. Energy stocks rallied, with Tullow Oil advancing +6.6% and Petrofac climbing +4.5%, while Royal Dutch Shell and BG Group added +2.8% and +3.4%, respectively.
Asian and Japanese markets advance
Asian stocks rose for a third day as a global rally gathered pace and the US economy grew faster than expected in the second quarter. The MSCI Asia Pacific Index added +1.9%, while the Shanghai Composite Index rose +4.8%, jumping for a second day.
Japan’s Topix rallied +3.3%, staging the biggest three-day rally in more than two years. Trading house Mitsubishi jumped +6.2% after agreeing to spend US$1.09bn on a Singapore-based food commodity trader. Sumitomo Metal Mining surged +9.3%, while oil explorer Inpex jumped +5.6%.
ASX 200 climbs on energy stocks
The ASX 200 gained +0.6%. Recovering oil prices pushed energy stocks higher. Oil Search jumped +5.9%, Origin Energy rallied +4.8%, Santos spiked +5.6%, and Caltex added +3.1%.
Crude and gold gain
WTI crude rose +6.3% to US$45.22 while gold added +0.8% to US$1,133.55
Treasury: Monthly Economic Indicators - August 2015
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CEN Ex final div 15.0 cps
DNZ Ex interim div 2.625
NZX Ex interim div 3.0 cps