S&P/NZX 50 Closed Lower by 0.02%, Dragged down by Materials

By the end of the trading session on 11 June 2024, the benchmark index S&P/NZX 50 ended lower by 0.02% and settled at 11,785.480.  Out of 11 sectors, 08 sectors closed lower along with the index.

Real Estate and Financials were the top-gaining sector, gaining 1.09% and 0.85% respectively in their index values. Materials and Industrials were the top-lossing sectors, lossing 3.17% and 0.60% respectively in their index values. 

TruScreen Group Limited (NZX: TRU) and Tower Limited (NZX: TWR) are the top-gaining stocks, gaining 5.56% and 4.29% in their stock prices. On the other hand, Greenfern Industries Limited (NZX: GFI) and Radius Residential Care Limited (NZX: RAD) are the top-losing stocks and are declining by 18.52% and 7.59% in their stock prices.

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Top gainer for the day:

• Real Estate (Up 1.09%)
• Financials (Up 0.85%)

Top loser for the day:

• Materials (Down 3.17%)
• Industrials (Down 0.60%)

Other Factors influencing the market:

• The Australian Federal Court ruled that the superannuation fund Active Super engaged in greenwashing, following a case brought by the Australian Securities and Investment Commission last year.
• Kernel Wealth Management, a passive investment specialist, has reached the significant milestone of $1 billion in funds under management (FUM), just before its fifth anniversary.
• The Commerce Commission has filed criminal charges against Kiwibank for alleged systemic breaches of the Fair Trading Act.
• Oil prices rose about 3% to a one-week high in the previous session, driven by expectations of increased fuel demand this summer despite a stronger U.S. dollar and anticipated higher interest rates from the U.S. Federal Reserve.
• The Dow Jones closed up by 0.18%, the S&P 500 increased by 0.26%, and the NASDAQ ended higher by 0.35%.
• The Hang Seng index decreased by 1.34%, while the FTSE 100 dropped by 0.20% today.

Top 5 Gainers and Losers Scoreboard:

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