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Pacific Edge jumps almost 6%; US CPI data says inflation is slowing

Shares in cancer diagnostics firm Pacific Edge jumped almost 6% today while New Zealand’s market reacted happily to the news that inflation appears to be slowing, according to much-anticipated consumer price index (CPI) inflationary data.

Friday, January 13th 2023, 6:02PM

by BusinessDesk

Earnings season in the United States was also just around the corner, which will help inject some much-needed flavour into the current corporate news climate. US banks were the big focus but Delta Air Lines was also reporting as well as UnitedHealth – the largest health insurance company in the US.

The S&P/NZX 50 index rose 89.6 points, or 0.77%, to 11,754.44. Turnover was $98.3 million.

Devon Funds head of retail Greg Smith said international stock markets edged up after the US consumer price index (CPI) data came out overnight, with the CPI data showing that inflation was continuing to track lower.

Inflation fell by 0.1% from the month earlier but Smith said, on an annualised basis, headline inflation was sitting at 6.5% – the lowest level in over a year.

Smith said the news provided “further credence” to the narrative that peak inflation was in the “rearview mirror” and the US Federal Reserve would be able to moderate – and at some point, pause – interest rate hikes.

At home, NZ’s market ended its second week of trading this year in the green. 

Pacific Edge shares rose 5.9% to 54 cents, with Millennium & Copthorne Hotels also tracking well today, up 5.6% to $2.07.

A2 Milk bounced up 2.1% to $7.63 and Gentrack Group rose 2.5% to $2.50.

TradeWindow reported the only corporate news of interest to hit the market’s radar today.

The digital export supply chain and verification company trimmed its revenue guidance due to unforeseen implementation issues.

TradeWindow assured shareholders in this morning’s update that the company was continuing to experience “strong demand” – but some implementations were continuing to take “longer than expected”. 

The company’s stock was up 2% to 52 cents by the end of the day.

Only 30 stocks fell today, including KMD Brands, down 1.9% to $1.04, and Precinct Properties, down 0.8% to $1.275.

ANZ Group jumped up 1.9% to $26.88 and Heartland Group rose 0.6% to $1.82.

Earlier today, the bank tempered its view on just how high the Reserve Bank of NZ (RBNZ) would push interest rates but said it had a watching brief.  

The risks around its cash rate call were “clearly to the downside now that the [November] monetary policy statement has caused such a double take”, the bank said in a report. 

The RBNZ hiked the cash rate by 75 basis points to 4.25% in late November and in the wake of that move, ANZ Bank said it was expecting a 75-basis point rate hike in February, a 50bp hike in April and a 25bp hike in May, which would take the official cash rate to a peak of 5.75%.

The NZ dollar was trading at 63.77 US cents at 3pm in Wellington, up slightly from 63.69 cents yesterday.

Tags: Market Close

« Elevated consenting numbers a nice surprise for marketNZ shares rise as US earnings season prepares to kick off »

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