The run of positive days continues to defy expert predictions of market chaos as bond yields increase, with the S&P/ASX 200 (ASX: XJO) gaining another 0.5% on Wednesday despite another bump in the 10-year government bond yield.
The ASX technology sector tracked the gains of the Nasdaq, adding 3.5% as sector leader Block Inc (ASX: SQ2) jumped 7.5% to a record high in its short life since swallowing Afterpay Ltd (ASX: APT).
Every other sector was slightly higher, with financials the other standout, whilst the materials sector slumped on the back of another fall in the iron ore price. BHP Group Ltd (ASX: BHP) shares were down 0.8%.
National Australia Bank Ltd (ASX: NAB) was boosted by research suggesting that the bank may look to extend its share buyback by another $2 billion due to its growing levels of excess capital.
Uniti bidding war
But all eyes were on wireless and broadband roll up, Uniti Group Ltd (ASX: UWL), which jumped by more than 10% before entering a trading halt in the afternoon.
The driver was a second bidder for the company, a joint partnership between Macquarie Asset Management and Canadian Pension Fund PSP, which bid $5.0 per share. Uniti shares were halted at $4.67 and are yet to resume trading.
Viva Leisure delivers record month
The travel sector is showing signs of recovery, with Viva Leisure Ltd (ASX: VVA) reporting a record monthly revenue run rate of $8.6 million. This was ahead of even pre-COVID trading and a 3.3% improvement on December quarter numbers as member numbers jumped to 309,000.
Kathmandu sales struggle
Formerly Kathmandu, KMD Brands Ltd (ASX: KMD) gained 3.7% despite reporting a weaker quarter of sales growth. The adventure wear business saw a NZ$5.5 million loss for the first half with sales falling by 1%.
Earnings were down 80% to NZ$10 million, however, the group increased its interim dividend. Surfwear division Rip Curl was a rare highlight, reporting 2.7% sales growth over the first half.
Fisher & Paykal hit by transport costs
Staying in New Zealand, Fisher & Paykel Healthcare Corp Ltd (ASX: FPH), one of the winners of the pandemic due to its production of respirators, has warned about the impact of ballooning transport costs and reported falling profit margins.
Fisher & Paykel shares tumbled 7.8% after management flagged as much as a 2% reduction in its 65% gross profit margin, with full-year revenue now expected to be between NZ$1.675 and $1.7 billion, a slight downgrade.
On the positive side for the company, its hospital consumables division is tracking at the same levels as 2021, in a sign that the impacts of the Omicron variant are expected to continue.
ASX 200 today
Looking ahead, the ASX 200 is expected to open broadly flat this morning despite a negative lead from US stock markets overnight as all three benchmarks finished around 1.3% lower.