S&P/NZX 50 Closed loser by 0.94%, Dragged down by Financials

By the end of the trading session on 29 August 2024, the benchmark index S&P/NZX 50 ended lower by 0.94% and settled at 12,353.610. Out of 11 sectors, 02 sectors closed higher along with the index.

Energy and Communications Services were the top-gaining sectors, gaining 1.80% and 1.16% respectively in their index values. On the other hand, Financials and Materials were the top-losing sectors, losing 2.32% and 1.82% respectively in their index values.

Bremworth Limited (NZX: BRW) and My Food Bag Group Limited (NZX: MFB) are the top-gaining stocks, gaining 10.26% and 8.89% in their stock prices. On the other hand, Heartland Group Holdings Limited (NZX: HGH) and Accordant Group Limited (NZX: AGL) are the top-losing stocks and are declining by 11.97% and 9.88% in their stock prices.

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Top gainers for the day:

• Energy (Up 1.80%)
• Communications Services (Up 1.16%)

Top losers for the day:

• Financials (Down 2.32%)
• Materials (Down 1.82%)

Other Factors influencing the market:

• Comvita has reported a loss of $77.4 million, primarily due to significant one-off events and challenging market conditions. This contrasts with last year’s net profit after tax of $11.1 million. 
• Nvidia showcased impressive quarterly revenue growth and a strong financial forecast, signaling sustained momentum in the AI boom that has been underway for nearly two years, despite some concerns that investments may have outpaced demand.
• Restaurant Brands saw a nearly sixfold increase in its first-half net profit, driven by strong sales in New Zealand and successful efforts to recover lost margins. The quick-service restaurant company, which operates in New Zealand, Australia, and the United States, reported a 473% increase in net profit after tax (NPAT) to $12.6 million for the six months ending June 30.
• Air New Zealand reported a more than 60% drop in profit, attributing the decline to inflation, which added over $225 million in costs. For the full year ending June 30, the airline experienced a 6% increase in its cost base, excluding fuel, driven by broad-based inflation. 
• Oil prices fell by 1% on Wednesday following a smaller-than-expected reduction in US crude stockpiles and ongoing concerns about Chinese demand. However, losses were limited by supply risks in the Middle East and Libya.
• The Dow ended the day down by 0.39%, the S&P 500 fell by 0.60%, and the NASDAQ dropped by 1.12%.
• The Hang Seng has risen by 0.07%, while the FTSE 100 has decreased by 0.02% today.

Top 5 Gainers and Losers Scoreboard:

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