AU Morning Wrap: ASX edges higher, NZ GDP rises 1.7%

The $S&P 500 Index (.SPX.US)$ gained 13 points or 0.34 per cent. The $Dow Jones Industrial Average (.DJI.US)$ rose 30 points or 0.1 per cent. The $Nasdaq Composite Index (.IXIC.US)$ put on 86 points or 0.74 per cent.

US producer prices recorded back-to-back monthly declines for the first time since 2020. The producer price index eased 0.1 per cent last month, extending a 0.4 per cent decline in July. On a 12-month basis, prices were 8.7 per cent higher than the same month last year, an improvement on July's 9.8 per cent reading.

AU Market Watch
The S&P/ASX 200 was set to open just above yesterday's close after ASX futures edged up six points or 0.1 per cent. The Australian benchmark yesterday suffered its worst hit in three months, diving 181 points or 2.58 per cent.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.22 per cent to 6843.3 as of 10:13 am.

The August labour force report is set to be released at 11.30am AEST.

New Zealand Economy
New Zealand's economy grew more than expected in the second quarter, avoiding a recession after a surge in COVID-19 cases caused a contraction in the first three months of the year.

Gross domestic product rose 1.7 per cent from the first quarter, when it fell 0.2 per cent, Statistics New Zealand said Thursday in Wellington. Economists forecast a 1 per cent increase. From a year ago, the economy expanded 0.4 per cent, cooling from its 1 per cent annual pace in the previous quarter.

Stocks to Watch
$Myer Holdings Ltd (MYR.AU)$: Department store Myer has announced its best financial results in years and will pay a final dividend to shareholders. Annual net profit after tax, before restructuring, space exit costs and impairment of assets, rose 16.5 per cent to $60.2 million. Total sales jumped 12.5 per cent to almost $3 billion.

The board will pay a final fully franked dividend of 2.5¢ per share, bringing the total FY22 dividend to 4¢ per share.

$Link Administration Holdings Ltd (LNK.AU)$: Australia's Foreign Investment Review Board has approved Dye & Durham proposed takeover of Link Administration Holdings, according to the ASX-listed company.

$Tyro Payments Ltd (TYR.AU)$: Payments company Tyro has announced its next chief executive following the departure of Robbie Cooke to $The Star Entertainment Group Ltd (SGR.AU)$ in June, elevating from within its own ranks. Current CEO of Tyro's health business Jonathan Davey will officially commence as CEO from October 3.

Ex-dividend: $29Metals Ltd (29M.AU)$, $Auswide Bank Ltd (ABA.AU)$, $Cryosite Ltd (CTE.AU)$, $DDH1 Ltd (DDH.AU)$, $Data3 Ltd (DTL.AU)$, $Eureka Group Holdings Ltd (EGH.AU)$, $EarlyPay Ltd (EPY.AU)$, $EQT Holdings Ltd (EQT.AU)$, $Fletcher Building Ltd (FBU.AU)$, $IGO Ltd (IGO.AU)$, $PM Capital Global Opportunities Fund Ltd (PGF.AU)$, $PWR Holdings Ltd (PWH.AU)$, $Regis Healthcare Ltd (REG.AU)$, $Ramelius Resources Ltd (RMS.AU)$, $South32 Ltd (S32.AU)$, $Spark New Zealand Ltd (SPK.AU)$, $Seven Group Holdings Ltd (SVW.AU)$, $WCM Global Growth Ltd (WQG.AU)$

Dividends paid: $Australian Clinical Labs Ltd (ACL.AU)$, $Australian Ethical Investment Ltd (AEF.AU)$, $Ansell Ltd (ANN.AU)$, $Alumina Ltd (AWC.AU)$, $Accent Group Ltd (AX1.AU)$, $Capral Ltd (CAA.AU)$, $Domino's Pizza Enterprises Ltd (DMP.AU)$, $HT&E Ltd (HT1.AU)$, $Platinum Asia Investments Ltd (PAI.AU)$, $Probiotec Ltd (PBP.AU)$, $Pengana International Equities Limited (PIA.AU)$, $Platinum Capital Ltd (PMC.AU)$, $Platinum Asset Management Ltd (PTM.AU)$, $Qualitas Real Estate Income Fund (QRI.AU)$, $REA Group Ltd (REA.AU)$, $Sunland Group Ltd (SDG.AU)$

Commodities
• Iron ore futures fell -1.6% on Wednesday to US$101.8 a tonne.

• Oil prices edge higher as the US is considering filling its Strategic Petroleum Reserves instead of continuing to tap into them.

• Gold extended its selloff to below US$1,700. A higher interest rate outlook for the Fed is weighing on the non-interest bearing yellow metal.

Source: Dow Jones Newswires, AFR