Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: US stocks end up on hopes for Russia relief

Overnight Markets: US stocks end up on hopes for Russia relief

Wall Street closed higher on Monday, extending the rally from Friday as investors hoped that Russia's move to send humanitarian aid to Ukraine would ease tensions between the two countries and American airstrikes will push back militants in Iraq.

The Dow Jones industrial average gained 16 points, or 0.10%, to end at 16,570, still below its close at the end of 2013. The S&P 500 rose five points, or 0.28%, to finish at 1,937. The Nasdaq Composite added 30 points, or 0.70%, to close at 4,401.

Earlier in the day, NATO chief Anders Fogh Rasmussen warned of a "high probability" that Russia, using the guise of a humanitarian mission, could intervene militarily in Ukraine.

Ukraine has also said that, contrary to Russian reports of de-escalating, Russia has amassed 45,000 troops on its border. Investors did not seem fazed by the reports.

Stocks also rose after the US continued air strikes against Islamic State militants in northern Iraq over the weekend and as Israeli and Palestinian negotiators resumed indirect talks mediated by Egypt on Monday.

Consumer staples shares registered the highest gains as the sector's index rose 0.8%, while energy and utilities shares dragged.

Shares of Kinder Morgan Inc (KMI.N), the biggest US pipeline company, jumped 9% after the company said on Sunday that it would put all its publicly traded units under one roof in a $70 billion deal.

US-listed shares of Canada-based Tekmira Pharmaceuticals Corp (TKMR.O) jumped 15.0%. The stock of US-based Sarepta Therapeutics Inc (SRPT.O) gained 7.4%.

Priceline Group Inc (PCLN.O) shares rose 2.2% after the online travel agency reported quarterly revenue rose 26%.

The stock of Chiquita Brands International Inc (CQB.N) surged 30.2% in its biggest one-day advance since its trading debut in 2002. Juice maker Cutrale Group and Brazilian investment firm Safra Group offered to buy Chiquita for $13 per share in cash.

In Asia, shares rose on Tuesday in morning trade amid optimism that geopolitical risks are receding.

The MSCI Asia Pacific Index added 0.3% to 146 as of 10:39 a.m. in Tokyo. Japan’s Topix index climbed 0.5% after the yen fell 0.2% against the dollar yesterday.

South Korea’s Kospi index rose 0.2%. Australia’s S&P/ASX 200 Index added 0.8%, while New Zealand’s NZX 50 Index rose 0.1%. Markets in Thailand remain closed for a holiday.

Hong Kong’s Hang Seng Index lost 0.2%, while China’s Shanghai Composite Index dropped 0.3%. Taiwan’s Taiex Index fell 0.2%. Singapore’s Straits Times Index rose 0.5%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter