S&P/NZX 50 Closed Higher by 0.41%, Lifted by Utilities

By the end of the trading session on 05 July 2024, the benchmark index S&P/NZX 50 ended higher by 0.41% and settled at 11,794.810.  Out of 11 sectors, 07 sectors closed higher along with the index.

Utilities and Industrials were the top-gaining sector, gaining 1.20% and 0.50% respectively in their index values. Communications Services and Materials was the top-lossing sectors, lossing 0.96% and 0.71% respectively in their index values. 

Radius Residential Care Limited (NZX: RTO) and Marlin Global Limited (NZX: MLN) are the top-gaining stocks, gaining 33.33% and 13.64% in their stock prices. On the other hand, Barramundi Limited (NZX: BRM) and Move Logistics Group Limited (NZX: MOV) are the top-losing stocks and are declining by 21.21% and 7.41% in their stock prices.

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Top gainer for the day:

• Utilities (Up 1.20%)
• Industrials (Up 0.50%)

Top loser for the day:

• Communications Services (Down 0.96%)
• Materials (Down 0.71%)

Other Factors influencing the market:

• Non-bank deposit takers are the most likely financial institutions to fail and trigger the new deposit guarantee scheme, with an initial estimated cost between $800 million and $1 billion.
• The New Zealand sharemarket surged late as the Conservatives conceded a significant defeat to the Labour Party in the British election.
• In the preview of the RBNZ Monetary Policy Review, the bank indicates that household pressures are increasing and inflation will follow. Monetary policy has been combating inflation for over two and a half years, and the RBNZ has often been surprised by persistent high inflation.
• US markets were closed for Independence Day. European shares rose, with the FTSE 100 climbing as expectations grew for a Labour majority win in the UK election.
• Brent crude oil prices reached their highest since April, staying above $87 after US inventory data showed a decline.
• Hang Seng increased by 0.28%, and FTSE 100 rose by 0.86%.

Top 5 Gainers and Losers Scoreboard:

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