S&P/NZX 50 Closed Higher by 0.14%, Lifted by Consumer Staples

By the end of the trading session on 16 August 2024, the benchmark index S&P/NZX 50 ended higher by 0.14% and settled at 12,727.750.  Out of 11 sectors, 06 sectors closed higher along with the index.

Consumer Staples and Energy were the top-gaining sector, gaining 3.64% and 3.26% respectively in their index values. On the other hand, Communication Services and Industrials were the top-losing sectors, losing 0.53% and 0.32% respectively in their index values.

Synlait Milk Limited (NZX: SML) and Barramundi Limited (NZX: BRM) are the top-gaining stocks, gaining 21.67% and 18.60% in their stock prices. On the other hand, General Capital Limited (NZX: GEN) and AoFrio Limited (NZX: AOF) are the top-losing stocks and are declining by 10.00% and 7.78% in their stock prices.

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Top gainers for the day:

• Consumer Staples (Up 3.64%)
• Energy (Up 3.26%)

Top losers for the day:

• Communications Services (Down 0.53%)
• Industrials (Down 0.32%)

Other Factors influencing the market:

• Quality Product Research, the owner of Quotemonster, is collaborating with financial research firm Morningstar to provide advisers with comprehensive information on all available KiwiSaver products.
• The government's inquiry into banking competition will assess whether Reserve Bank capital requirements on banks are unnecessarily raising borrowing costs and hindering the entry of new competitors.
• New Zealand's benchmark stock index recorded its highest weekly gain since the post-COVID recovery, as investors welcomed the potential for lower interest rates, revitalizing the economy and enhancing the appeal of companies with consistent dividend payouts.
• Oil prices remained stable at the close of a volatile week, as the market balanced strong US economic indicators and the risk of an attack by Iran or its proxies on Israel against a subdued demand outlook from China.
• The Dow closed with a gain of 1.39%, the S&P 500 rose by 1.61%, and the NASDAQ finished 2.32% higher. 
• Meanwhile, the Hang Seng index dipped by 0.02%, and the FTSE 100 increased by 0.80%.

Top 5 Gainers and Losers Scoreboard:

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