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.

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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

Today’s events

Treasury: Monthly Economic Indicators - August 2015

StatsNZ: Building Consents Issued - July 2015

CEN Ex final div 15.0 cps

DNZ Ex interim div 2.625

NZX Ex interim div 3.0 cps


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