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SHARE PRICES AND MARKET ANALYSIS

A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 29 March 2024. BDN financial editor Roger Willis reports.

USA — COOL CRUCIFIXION

Although Wall Street has just enjoyed its strongest first quarter of trading for five years, market indices went out with more of a whimper than a bang, as investors checked out early for the Good Friday festivities. To some acclaim, the blue-chip S&P 500 had closed at a record high on 22 separate occasions during the quarter. This wasn’t one of them. It struggled to climb by just 0.4% across four sessions. Tech-heavy NASDAQ Composite stocks actually retreated by 0.3%.

On brighter notes, the Dow Jones Industrial Average finished 0.8% up and S&P’s MidCap 400 did a lot better, adding 1.8%. However, leading MidCap biker stock Harley-Davidson posted only a meagre 0.5% weekly gain to cap an otherwise strong monthly advance through March.

Conversely,  Harley’s LiveWire electric spin-off recovered somewhat, but incurred an overall 22.7% monthly decline. It’s bounce-back was engendered by the launch of a “new” model, the S2 Mulholland performance cruiser. In fact a restyled version of the preceding S2 Del Mar with “newness” only skin-deep, this has an embarrassingly short range between charging pauses.

Currency: dollarPriceWeekMonth
Harley-Davidson43.74+0.5%+20.4%
Polaris Industries100.12+4.7%+7.1%
Textron95.93+0.1%+8.2%
Ideanomics

(Energica)

0.95+1.1%-11.2%
Niu Technologies1.68N/A-7.2%
LiveWire7.23+6.5%-22.7%

 

EUROPE — BETTING ON BETTER

Commentary from central bank policymakers continued to boost trader confidence that ECB interest rate cuts are just around the corner. So the steady advance of major eurozone market indices was uninterrupted. Frankfurt’s key Xetra Dax put on 1.6% and the German automotives with motorcycling side-lines both made reasonable advances. In Italy, Piaggio was modestly positive too, as Milan’s FTSE MIB rose by 1.2%.

While the Wiener Börse ATX in Austria grew by just 1%, locally listed KTM parent Pierer Mobility made a bigger gain — fair to assume this was related to its sudden swoop to take over of the premium Italian motorcycle brand MV Agusta.

Currency: euroPriceWeekMonth
BMW106.96+2.7%-2.6%
Volkswagen141.60+2.9%+1.2%
Pierer Mobility47.10+3.3%-1.5%
Piaggio Group2.93+1%-6.7%

 

JAPAN — BACK TO THE FUTURE

The novelty of a positive Bank of Japan base interest rate for the first time in almost two decades soon wore off and the Nikkei 225 index spanning Tokyo and Osaka trading retreated by 1.3%. Stocks settled down into steadier perspectives as investors tried to analyse longer-term outcomes for yen stability.

Suzuki Motor Corporation marked the conclusion of its full fiscal year with a planned four-for-one stock split, following similar moves in the biker-related firmament by Honda and Yamaha during 2023. Such ploys aim to make their shares more accessible to small-fry investors and therefore broaden equities spread.

Currency: yenPriceWeekMonth
Honda1891-1.6%+4.7%
Yamaha1423.5+1.4%+3.5%
Suzuki1738.5+1.8%+5.1%
Kawasaki5097+2.7%+20.7%

 

INDIA — BOOM TO BUST?

Indian investors now clearly expect Narendra Modi’s Hindu nationalist BJP to win a third successive electoral victory and fuel further rampant stock gains. But analysts are growing fearful that remorseless indices advances are based on stretched valuations.

For the time being, though, record index highs seem unstoppable. Both the S&P BSE Sensex 30 and NSE Nifty 50 leapt skywards yet again in the past week, up respectively by 1.1% and 1%. The BSE Sensex registered an all-time record high in March and has now risen every year, without interruption, since 2016. Every indigenous biker stock added value in the past week.

Currency: rupeePriceWeekMonth
Hero MotoCorp4722.30+0.8%+4.8%
Bajaj Auto9148.15+2.3%+13.8%
TVS Motor2151.85+4.9%-4%
Eicher Motors4019.30+0.8%+4.6%
Mahindra1921.35+2.3%-2.6%

 

CHINA — WHO RUNS THE SHOW?

There are signs that covert Chinese government intervention to prop up equities trading activity with creeping nationalisation is on the wane. In the past week, both key market indices — Shanghai’s all-share SSE Composite and the blue-chip CSI 300 — fell in unison by 0.2%.

And pertinently, only three of China’s ten listed motorcycle manufacturers enjoyed gains in their stock value — Qianjiang, Zongshen and CFMoto. What made them stand out? They share the distinction of being free enterprises, owned by a mixture of founding entrepreneurs and private investors, without dependence on state input.

Currency: yuanPriceWeekMonth
Qianjiang13.82+5.7%+15.3%
Zongshen8.12+12.5%+37.4%
Sundiro3.04N/A+28.8%
CETC (Jialing)12.52-1.8%-1.6%
Lifan3.18-1.9%-3%
Loncin6.26-0.8%+20.4%
Linhai8.33-0.2%+9.3%
Guangzhou Auto8.80-0.9%-0.92%
CFMoto119.90+0.7%+15.2%
Xinri E-Vehicle10.78-2.4%+6.5%

 

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