S&P/NZX 50 Closed Lower by 0.37%, Dragged down by Consumer Staples

By the end of the trading session on 12 June 2024, the benchmark index S&P/NZX 50 ended lower by 0.37% and settled at 11,741.880.  Out of 11 sectors, 08 sectors closed lower along with the index.

Materials and Healthcare were the top-gaining sector, gaining 1.38% and 0.55% respectively in their index values. Consumer Staples and Communications Services were the top-lossing sectors, lossing 3.25% and 0.83% respectively in their index values. 

New Zealand King Salmon Investments Limited (NZX: NZK) and Geneva Finance Limited (NZX: GFL) are the top-gaining stocks, gaining 6.12% and 5.66% in their stock prices. On the other hand, Bremworth Limited (NZX: BRW) and Move Logistics Group Limited (NZX: MOV) are the top-losing stocks and are declining by 6.49% and 6.25% in their stock prices.

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Top gainer for the day:

• Materials (Up 1.38%)
• Healthcare (Up 0.55%)

Top loser for the day:

• Consumer Staples (Down 3.35%)
• Communications Services  (Down 0.83%)

Other Factors influencing the market:

• The Financial Markets Authority (FMA) has initiated civil proceedings against Booster Investment Management (BMIL) and five individuals, alleging breaches of law in related party transactions involving investments in wine businesses.
• According to Nick Hakes, chief executive of Financial Advice New Zealand (FANZ), the financial advice industry remains resilient amid regulatory changes and economic challenges, focusing on a positive outlook for the future.
• Naomi Ballantyne has assumed a directorship position within an emerging dealer group.
• Oil prices saw further increases following industry data indicating a decline in US crude inventories ahead of an IEA report on market projections.
• The Dow closed with a 0.31% decrease, the S&P 500 closed with a 0.27% increase, and the NASDAQ saw a rise of 0.88%.
• The Hang Seng index recorded a decline of -1.07%, while the FTSE 100 experienced a decrease of -0.98% for the day.

Top 5 Gainers and Losers Scoreboard:

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