S&P/NZX 50 Closed Higher by 0.64%, Lifted by Consumer Discretionary

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.

Consumer Disretionary and Industrials were the top-gaining sector, gaining 2.22% and 1.40% respectively in their index values. Communications Services and Energy was the top-lossing sectors, lossing 0.69% and 0.68% respectively in their index values. 

Greenfern Industries Limited (NZX: GFI) and Marlin Global Limited (NZX: MLN) are the top-gaining stocks, gaining 23.08% and 16.67% in their stock prices. On the other hand, Cooks Coffee Company Limited (NZX: CCC) and Black Pearl Group Limited (NZX: BPG) are the top-losing stocks and are declining by 11.36% and 7.81% in their stock prices.

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Top gainer for the day:

• Consumer Discretionary (Up 2.22%)
• Industrials (Up 1.40%)

Top loser for the day:

• Communications Services (Down 0.69%)
• Energy (Down 0.68%)

Other Factors influencing the market:

• Results from three fund managers lodged with the Companies Office suggest that the year ending March 2024 could be challenging for fund managers.
• Synlait's chair stated that obtaining approval for a crucial loan from its largest shareholder is a key step in restructuring the company's balance sheet. Minority shareholders overwhelmingly supported Bright Dairy’s $130 million loan with 99.5% voting in favor.
• At its annual meeting in Sydney on Friday, Smartpay investors approved a 25% increase in annual directors' fees to $75,000 and an increase in the total available amount to $750,000, effective August 1, to accommodate six non-executive directors and adjust current directors' pay.
• Oil prices rose for the third consecutive day due to signs of stronger demand and indications that the Federal Reserve is nearing its anticipated policy shift.
• The Dow Jones Industrial Average increased by 0.08%, while the S&P 500 and NASDAQ decreased by 0.88% and 1.92%, respectively. 
• The Hang Seng index rose by 2.31%, and the FTSE 100 increased by 0.36%.

Top 5 Gainers and Losers Scoreboard:

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