S&P/NZX 50 Closed Lower by 0.38%, Dragged down by Utilities

By the end of the trading session on 04 July 2024, the benchmark index S&P/NZX 50 ended lower by 0.38% and settled at 11,746.660.  Out of 11 sectors, 06 sectors closed lower along with the index.

Information Technology and Consumer Staples were the top-gaining sector, gaining 1.49% and 1.31% respectively in their index values. Utilities and Industrials was the top-lossing sectors, lossing 0.77% and 0.66% respectively in their index values. 

EROAD Limited (NZX: ERD) and Radius Residential Care Limited (NZX: RAD) are the top-gaining stocks, gaining 13.04% and 10.81% in their stock prices. On the other hand, Marlin Global Limited (NZX: MLN) and Barramundi Limited (NZX: BRM) are the top-losing stocks and are declining by 12.00% and 10.81% in their stock prices.

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Top gainer for the day:

• Information Technology (Up 1.49%)
• Consumer Staples (Up 1.31%)

Top loser for the day:

• Utilities (Down 0.77%)
• Industrials (Down 0.66%)

Other Factors influencing the market:

• Australian and U.S. stocks continued their ascent, while the New Zealand sharemarket dropped nearly 0.5%, anticipating next week’s crucial Reserve Bank of NZ meeting.
• The Financial Markets Authority (FMA) has reprimanded Auckland-based financial services firm deVere New Zealand for not meeting its obligations under its Financial Advice Provider (FAP) licence.
• Oil prices rose by about 1% after a larger-than-expected drop in U.S. crude stocks, although gains were limited due to concerns about rising global inventories and thin trading before the U.S. Independence Day holiday.
• The Dow closed down by 0.06%, the S&P 500 closed up by 0.51%, and the NASDAQ ended higher by 0.88%.
• The Hang Seng increased by 1.18%, and the FTSE 100 went up by 0.61%.

Top 5 Gainers and Losers Scoreboard:

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