Global markets were slightly lower overnight as the US market dipped late in the day. The major news this morning was that the US Federal Reserve raised interest rates for the second time this year, as was widely expected. The Fed cited continued US economic growth and job market strength, as it proceeds with its first tightening cycle in more than a decade. The Fed however did cite weaker inflation, and overall the statement was slightly dovish.
Closer to home, both the Australian and NZ markets rallied yesterday with gains across most sectors. Bucking the trend was Agribusiness PGG Wrightson (PGW.NZ) which warned that earnings are now likely to hit the lower end of the company’s previous guidance due to adverse weather conditions, which we discuss below.
Stock in Focus: PGG Wrightson
Agribusiness PGW has warned that a wet autumn will weigh on the performance of its seed and grain business and earnings are now likely to hit the lower end of the company’s pre...
