S&P/NZX 50 Closed Higher by 0.31%, Lifted by Information Technology

  By the end of the trading session on 12 August 2024, the benchmark index S&P/NZX 50 ended higher by 0.31% and settled at 12,281.250. Out of 11 sectors, 03 sectors closed lower along with the index.

Information Technology and Materials were the top-gaining sector, gaining 2.34% and 0.69% respectively in their index values. On the other hand, Financials and Communications Services were the top-losing sectors, losing 0.48% and 0.05% respectively in their index values.

RTO Limited (NZX: RTO) and Chatham Rock Phosphate Limited (NZX: CRP) are the top-gaining stocks, gaining 33.33% and 8.42% in their stock prices. On the other hand, Being AI Limited (NZX: BAI) and IkeGPS Group Limited (NZX: IKE) are the top-losing stocks and are declining by 6.06% and 4.76% in their stock prices.

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Top gainers for the day:

• Information Technology (Up 2.34%)
• Materials (Up 0.69%)

Top losers for the day:

• Financials (Down 0.48%)
• Communications Services (Down 0.05%)

Other Factors influencing the market:

• Contact Energy's CEO, Mike Fuge, urged for calm as the energy sector faces an ongoing crunch that has led to unusually high wholesale electricity prices. He acknowledged the challenges businesses exposed to the spot price are facing but assured that solutions are in progress and expected to emerge this week.
• Luke Jackson, the former head of Resimac in New Zealand, has taken on a new role.
• The Government has approved a policy framework for congestion charging, with plans to introduce enabling legislation this year. However, the law is not expected to be passed until at least next year.
• Oil prices remained steady after experiencing their first weekly gain since early July. The market is awaiting Iran's response to the assassination of a Hamas leader in Tehran last month.
• The Dow Jones increased by 0.13%, the S&P 500 rose by 0.47%, and the NASDAQ climbed by 0.51%. 
• The Hang Seng edged up by 0.04%, while the FTSE 100 gained 0.28% today.

Top 5 Gainers and Losers Scoreboard:

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