S&P/NZX 50 Closed Lower by 0.15%, Dragged down by Consumer Staples

By the end of the trading session on 06 August 2024, the benchmark index S&P/NZX 50 ended lower by 0.15% and settled at 12,245.732. Out of 11 sectors, 06 sectors closed lower along with the index.

Financials and Materials Services were the top-gaining sector, gaining 1.22% and 1.10% respectively in their index values. On the other hand, Consumer Staples and Communications Services were the top-losing sectors, losing 1.46% and 1.21% respectively in their index values.

Santana Minerals Limited (NZX: SMI) and NZME Limited (NZX: NZM) are the top-gaining stocks, gaining 5.97% and 4.08% in their stock prices. On the other hand, Barramundi Limited (NZX: BRM) and Truscreen Limited (NZX: TRU) are the top-losing stocks and are declining by 22.00% and 11.11% in their stock prices.

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Top gainers for the day:

• Financials (Up 1.22%)
• Materials (Up 1.10%)

Top losers for the day:

• Consumer Staples (Down 1.46%)
• Communications Services (Down 1.21%)

Other Factors influencing the market:

• The New Zealand dollar declined after the Reserve Bank of Australia maintained its interest rates at 4.35% and emphasized its vigilance on inflation. The kiwi was trading at 91.11 Australian cents late Tuesday in Wellington, down from 91.40 prior to the announcement.
• Fonterra chair Peter McBride and director John Nicholls have announced their intention to seek another three-year term on the dairy giant’s board. Leonie Guiney, who is also retiring by rotation, has decided not to seek re-election.
• Radius Care chair Brien Cree told shareholders at the annual meeting that "adjacent opportunities" will drive growth. Shares dropped 2.27% to 21.5 cents during early trading amid a broader New Zealand Exchange (NZX) sell-off. The stock was trading at 12.6 cents until the Spencer family’s investment vehicle acquired a 10% stake in late May.
• Oil prices fluctuated near a seven-month low due to a sell-off in broader financial markets, despite rising tensions in the Middle East. Traders are monitoring for a potential retaliatory strike on Israel by Iran. 
• The Dow closed down 2.60%, the S&P 500 fell by 3.00%, and the NASDAQ dropped by 3.38%. 
• The Hang Seng is trading flat, while the FTSE 100 is down by 2.04%.

Top 5 Gainers and Losers Scoreboard:

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