S&P/NZX 50 Closed Higher by 2.06%, Lifted by Materials

By the end of the trading session on 14 August 2024, the benchmark index S&P/NZX 50 ended higher by 2.06% and settled at 12,572.530. All 11 sectors closed higher along with the index.

Materials and Utilities were the top-gaining sector, gaining 3.62% and 3.28% respectively in their index values.

KMD Brands Limited (NZX: KMD) and Scott Technology Limited (NZX: SCT) are the top-gaining stocks, gaining 9.52% and 9.09% in their stock prices. On the other hand, Green Cross Health Limited (NZX: GXH) and Bremworth Limited (NZX: BRW) are the top-losing stocks and are declining by 4.88% and 4.88% in their stock prices.

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Top gainers for the day:

• Materials (Up 3.62%)
• Utilities (Up 3.28%)

Other Factors influencing the market:

• New Zealand's benchmark index surged as the Reserve Bank of New Zealand initiated a rate cut, signaling more reductions to come, thereby boosting the economy.
• KMD Brands Limited (NZX: KMD) led the day's gains, soaring 9.5% to 46 cents, outperforming other retailers that also saw rallies. Warehouse Group Limited (NZX: WHS) increased by 1.7% to $1.22, Michael Hill International Limited (NZX: MHJ) rose 1.6% to 63 cents, Hallenstein Glasson Holdings Limited (NZX: HLG) advanced by 1.7% to $5.87, and Briscoe Group Limited (NZX: BGP) climbed 0.7% to $4.43.
• Napier Port Holdings (NZX: NPH) gained 2.7% to $2.30, reinforcing its annual earnings guidance in its nine-month update, despite temporary shutdowns for two significant customers due to rising wholesale electricity prices.
• A wider conflict in the Middle East could impact oil markets, with OPEC maintaining supply restrictions. However, traders remain pessimistic. Despite recent gains, the crude oil market is bearish, and a supply shock would require this outlook to shift.
• The Dow Jones Industrial Average rose by 1.04%, the S&P 500 increased by 1.68%, and the NASDAQ Composite climbed by 2.40%. Meanwhile, the Hang Seng Index is up by 0.36%, and the FTSE 100 Index is up by 0.30%.

Top 5 Gainers and Losers Scoreboard:

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