S&P/NZX 50 Closed Lower by 0.97%, Dragged down by Utilities

By the end of the trading session on 07 June 2024, the benchmark index S&P/NZX 50 ended lower by 0.97% and settled at 11,856.560.  Out of 11 sectors, 08 sectors closed lower along with the index.

Consumer Discretionary and Communications Services were the top-gaining sector, gaining 0.46% and 0.37% respectively in their index values. Utilities and Industrials were the top-lossing sectors, lossing 1.88% and 1.37% respectively in their index values. 

Barramundi Limited (NZX: BRM) and Pacific Edge Limited (NZX: PEB) are the top-gaining stocks, gaining 8.33% and 6.32% in their stock prices. On the other hand, TruScreen Group Limited (NZX: TRU) and Blis Technologies Limited (NZX: BLT) are the top-losing stocks and are declining by 5.26% and 5.26% in their stock prices.

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Top gainer for the day:

• Consumer Discretionary (Up 0.46%)
• Communications Services (Down 0.37%)

Top loser for the day:

• Utilities (Down 1.88%)
• Industrials (Down 1.37%)

Other Factors influencing the market:

• The Federation Alternative Investments II Fund (F2) from Australian private equity is now accessible to New Zealand retail investors via the Apex Investment Administration platform.
• Reserve Bank data indicates that homebuyers are choosing the shortest fixed interest rates for mortgages, anticipating a potential drop in rates by the end of this year or early next year.
• Mindful Money has increased the number of managed funds it endorses as ethical, referred to as Mindful Managed Funds, on its website.
• Oil prices rose by 1% in the previous session, recovering from four-month lows, driven by expectations of a potential interest rate cut by the U.S. Federal Reserve in September, despite concerns over increased U.S. crude and fuel stockpiles.
• The Dow Jones closed up by 0.25%, the S&P 500 increased by 1.18%, and the NASDAQ ended higher by 1.95%.
• Today, the Hang Seng is down by 0.78%, while the FTSE 100 has risen by 0.47%.

Top 5 Gainers and Losers Scoreboard:

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