S&P/NZX 50 Closed Lower by 0.20%, Dragged down by Consumer Discretionary

By the end of the trading session on 06 June 2024, the benchmark index S&P/NZX 50 ended lower by 0.20% and settled at 11,973.010.  Out of 11 sectors, 04 sectors closed lower along with the index.

Information Technology and Materials were the top-gaining sector, gaining 1.53% and 1.47% respectively in their index values. Consumer Discretionary and Healthcare were the top-lossing sectors, lossing 6.80% and 1.46% respectively in their index values. 

Asset Plus Limited (NZX: APL) and Blis Technology Limited (NZX: BLT) are the top-gaining stocks, gaining 7.32% and 5.56% in their stock prices. On the other hand, SkyCity Entertainment Group Limited (NZX: SKC) and ArborGen Holdings Limited (NZX: ARB) are the top-losing stocks and are declining by 15.03% and 8.23% in their stock prices.

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Top gainer for the day:

• Information Technology (Up 1.53%)
• Materials (Down 1.47%)

Top loser for the day:

• Consumer Discretionary (Down 6.80%)
• Healthcare (Down 1.46%)

Other Factors influencing the market:

• Economist Tony Alexander notes that despite geopolitical upheaval and significant drops in consumer and business sentiment, investors maintain a long-term focus.
• The IRD has set the deemed rate of return for attributing interest on foreign investment funds at 8.63% for the 2023-24 income year.
• The Financial Services Council has appointed Kirk Hope as the new chief executive, succeeding Richard Klipen.
• Oil prices increased by 1% in the previous session, recovering from four-month lows. This rise is attributed to optimism about a potential interest rate cut by the U.S. Federal Reserve in September, which offset concerns about demand after data showed increases in U.S. crude and fuel stocks.
• The Dow Jones closed up by 0.25%, the S&P 500 increased by 1.18%, and the NASDAQ ended higher by 1.95%.
• The Hang Seng index decreased by 0.10%, while the FTSE 100 increased by 0.18%.

Top 5 Gainers and Losers Scoreboard:

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