S&P/NZX 50 Closed Lower by 0.10%, Dragged down by Materials

By the end of the trading session on 15 July 2024, the benchmark index S&P/NZX 50 ended lower by 0.10% and settled at 12,123.140.  Out of 11 sectors, 05 sectors closed lower along with the index.

Communications Services and Healthcare were the top-gaining sector, gaining 1.06% and 0.88% respectively in their index values. Materials and Utilities was the top-lossing sectors, lossing 2.09% and 1.01% respectively in their index values. 

Cooks Coffee Company Limited (NZX: CCC) and Restaurant Brands New Zealand Limited (NZX: RBD) are the top-gaining stocks, gaining 10.26% and 9.02% in their stock prices. On the other hand, RUA Biaosceince Limited (NZX: RUA) and Chatham Rock Phosphate Limited (NZX: CRP) are the top-losing stocks and are declining by 10.96% and 5.56% in their stock prices.

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Top gainer for the day:

• Communications Services (Up 1.06%)
• Healthcare (Up 0.88%)

Top loser for the day:

• Materials (Down 2.09%)
• Utilities (Down 1.01%)

Other Factors influencing the market:

• The New Zealand sharemarket opened the week on a flat note. Heavyweight Mainfreight saw profit-taking after a strong run.
• Jeremy Sullivan, investment adviser at Hamilton Hindin Greene, noted that profit-taking in Mainfreight and Infratil weighed the market down.

• Smartpay investors approved a 25% increase in annual directors' fees to $75,000.The total amount available for directors' fees was increased by $250,000.
• At the annual meeting in Sydney, a resolution was passed to raise the aggregate fees for non-executive directors from $500,000 to $750,000 per year, effective August 1.

• NZ Post is under pressure to deliver a $100 million dividend amid a cost-cutting drive.

• Bitcoin reached US$61,000 following Donald Trump's response to an assassination attempt, increasing speculation about his re-election chances.
• The Dow closed up by 0.62%, the S&P 500 by 0.55%, and the NASDAQ by 0.62%.
• The Hang Seng index rose by 2.59%, and the FTSE 100 by 0.36%.

Top 5 Gainers and Losers Scoreboard:

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