S&P/NZX 50 Closed Higher by 0.98%, Lifted by Healthcare

By the end of the trading session on 05 June 2024, the benchmark index S&P/NZX 50 ended higher by 0.98% and settled at 11,996.70.  Out of 11 sectors, 06 sectors closed lower along with the index.

Healthcare and Communications Services were the top-gaining sector, gaining 1.84% and 1.24% respectively in their index values. Materials and Consumer Discretionary were the top-lossing sectors, lossing 2.18% and 1.41% respectively in their index values. 

RTO Limited (NZX: RTO) and Radius Residential Care Limited (NZX: RAD) are the top-gaining stocks, gaining 33.33% and 16.79% in their stock prices. On the other hand, Just Life Group Limited (NZX: JLG) and Being AI Limited (NZX: BAI) are the top-losing stocks and are declining by 11.36% and 6.52% in their stock prices.

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Top gainer for the day:

• Healthcare (Up 1.84%)
• Communtications Services (Down 1.24%)

Top loser for the day:

• Materials (Down 2.18%)
• Consumer Discretionary (Down 1.41%)

Other Factors influencing the market:

• The Scales Board announced Nadine Tunley's appointment as Chief Risk Officer. This new role will emphasize health and safety, sustainability, and compliance.
• A new long-term power supply deal for the Tiwai Point aluminum smelter significantly boosted leading energy stocks. This agreement led to one of the largest single-day increases in the New Zealand sharemarket in years.
• The New Zealand Government is changing the tax threshold for the first time in 14 years.This change fulfills a $14.7 billion tax relief promise.
• Oil prices fell to four-month lows in the previous session, as OPEC+ signaled it will begin tapering off its production cuts this year just as demand worries intensified following weak data from major oil consumer China.
• The Dow has closed up by 0.36%, the S&P 500 closed up by 0.15%, and the NASDAQ ended higher by 0.15%.
• Hang Seng is up by 0.11%, and FTSE 100 is down by 0.37%.

Top 5 Gainers and Losers Scoreboard:

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