S&P/NZX 50 Closed Higher by 0.86%, Lifted by Communication Services

By the end of the trading session on 20 June 2024, the benchmark index S&P/NZX 50 ended higher by 0.86% and settled at 11,771.810.  Out of 11 sectors, 08 sectors closed higher along with the index.

Communications Services and Utilities were the top-gaining sector, gaining 1.67% and 1.05% respectively in their index values. Energy and Materials was the top-lossing sectors, lossing 1.20% and 0.70% respectively in their index values. 

Radius Residential Care Limited (NZX: RAD) and Barramundi Limited (NZX: BRM) are the top-gaining stocks, gaining 8.45% and 7.89% in their stock prices. On the other hand, Geneva Finance Limited (NZX: GFL) and Rakon Limited (NZX: RAK) are the top-losing stocks and are declining by 5.50% and 4.48% in their stock prices.

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Top gainer for the day:

• Communications Services (Up 1.67%)
• Utilities (Up 1.05%)

Top loser for the day:

• Energy (Down 1.20%)
• Materials (Down 0.70%)

Other Factors influencing the market:

• Government data indicated that gross domestic product (GDP) increased by 0.2% in the March quarter, buoyed by primary production. However, despite strong migration driving overall spending, GDP per capita decreased by 0.3%, marking the sixth consecutive quarterly contraction.
• Small-cap aged care operator Radius Residential Care saw the day's largest gain on the main board, jumping 8.5% (1.2 cents) to 15.4 cents. This rise followed Forsyth Barr initiating coverage and highlighting long-term benefits from an ageing population and a shortage of care beds.
• Blue chip stocks, previously sold off for Infratil’s placement and the Channel block trade, rebounded. Spark NZ rose 2% to NZ$4.07 with a trading volume of 1.9 million shares, while Auckland International Airport increased by 1.7% to NZ$7.58.
• Oil prices fell after reaching seven-week highs due to summer demand optimism and concerns over rising conflicts, despite an industry report showing an unexpected increase in U.S. crude inventories. 
• The Hang Seng index dropped by 0.62%, while the FTSE 100 rose by 0.17%.

Top 5 Gainers and Losers Scoreboard:

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