S&P/NZX 50 Closed Lower by 0.42%, Dragged down by Utilities

By the end of the trading session on 08 July 2024, the benchmark index S&P/NZX 50 ended lower by 0.42% and settled at 11,745.530.  Out of 11 sectors, 05 sectors closed lower along with the index.

Information Technology and Consumer Discretionary were the top-gaining sector, gaining 0.97% and 0.83% respectively in their index values. Utilities and Energy was the top-lossing sectors, lossing 2.26% and 1.36% respectively in their index values. 

Michael Hill International Limited (NZX: MHJ) and Truscreen Group Limited (NZX: TRU) are the top-gaining stocks, gaining 10.00% and 5.88% in their stock prices. On the other hand, WasteCo Group Limited (NZX: WCO) and EROAD Limited (NZX: ERD) are the top-losing stocks and are declining by 5.88% and 5.60% in their stock prices.

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Top gainer for the day:

• Information Technology (Up 0.97%)
• Consumer Discretionary (Up 0.83%)

Top loser for the day:

• Utilities (Down 2.26%)
• Energy (Down 1.36%)

Other Factors influencing the market:

• Non-bank deposit takers are the most likely financial institutions to fail, potentially triggering the new deposit guarantee scheme. The initial cost could range from $800 million to $1 billion, with recoveries likely reducing it to between $100 million and $400 million.
• Newton Ross, now a part of Alvarium, has launched NZXWT's technology platform.
• The Reserve Bank is not expected to adopt a dovish stance in its Monetary Policy Review, aligning with market expectations of a 60% probability of an OCR cut in October, with approximately 38 basis points anticipated by year-end.
• Oil prices remained stable after four weeks of gains, as traders monitored production threats from a storm in the US and wildfires in Canada.
• The Dow closed up by 0.17%, the S&P 500 rose by 0.54%, and the NASDAQ increased by 0.90%.
• The Hang Seng is down by 1.76%, and the FTSE 100 is down by 0.45% today.

Top 5 Gainers and Losers Scoreboard:

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