S&P/NZX 50 Closed Higher by 0.96%, Lifted by Communications Services

By the end of the trading session on 11 July 2024, the benchmark index S&P/NZX 50 ended higher by 0.96% and settled at 12,058.290.  Out of 11 sectors, 08 sectors closed higher along with the index.

Communications Services and Healthcare were the top-gaining sector, gaining 2.07% and 1.74% respectively in their index values. Energy and Utilities was the top-lossing sectors, lossing 0.68% and 0.29% respectively in their index values. 

Synlait Milk Limited (NZX: SML) and Greenfern Industries Limited (NZX: GFI) are the top-gaining stocks, gaining 23.08% and 16.67% in their stock prices. On the other hand, My Food Bag Group Limited (NZX: MFB) and Pacific Edge Limited (NZX: PEB) are the top-losing stocks and are declining by 5.67% and 4.60% in their stock prices.

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Top gainer for the day:

• Communications Services (Up 2.07%)
• Healthcare (Up 1.74%)

Top loser for the day:

• Energy (Down 0.68%)
• Utilities (Down 0.29%)

Other Factors influencing the market:

• A survey released by the Organisation for Economic Cooperation and Development (OECD) on Thursday highlighted that New Zealand faces numerous regulatory barriers. New Zealand Minister for Regulation David Seymour emphasized the importance of regulatory reform in the country. 
• Synlait's largest shareholder publicly urged The a2 Milk Company to "reignite their collaboration". Synlait shareholders approved a $130 million loan from a Bright Dairy subsidiary to repay a $130 million debt due on July 15.
• Westpac is the first bank to reduce its mortgage rates following the central bank’s dovish stance on Wednesday. Westpac lowered its 12-month mortgage rate by 25 basis points to 6.89% and its six-month rate by 19 basis points to 7.05%.
• Government statistics indicate that natural gas demand will exceed supply over the next three years. The anticipated shortfall is expected to increase gas prices and create challenges for businesses in securing adequate supply.
• The Dow Jones Industrial Average rose by 1.09%, the S&P 500 increased by 1.02%, and the NASDAQ climbed by 1.18%.
• The Hang Seng Index gained 1.65%, while the FTSE 100 increased by 0.66% today.

Top 5 Gainers and Losers Scoreboard:

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