Mid-Market: S&P/ASX 200 Declining Today; Dragged Down By Energy Stocks

On 24 July 2024, at AEST 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 10.70 points or 0.13%, and is currently trading at 7,960.20 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Energy and Consumer Staples sectors are the top 2 declining Sectors, declining 1.55% and 0.70% in their index values.

Red 5 Limited (ASX: RED) and Polynovo Limited (ASX: PNV) are the top-gaining stocks, gaining 3.205% and 2.884% in their stock prices. On the other hand, Telix Pharmaceuticals Limited (ASX: TLX) and Flight Center Travel Group Limited (ASX: FLT) are the top-losing stocks and are declining by 6.943% and 6.737% in their stock prices.

Factors influencing the market-

• Australian shares are falling today following US stocks turned lower at the closing bell, with investors afterwards seemingly unimpressed by quarterly results from Tesla and Alphabet.
• Pilbara Minerals Limited’s shares rallied after recording a 58% jump in revenue to hit AU$305 million for the June quarter.
• Flight Centre shares declined after it revised its underlying profit before tax to be in the range of $316 million to $324 million for FY24. The company said the amended guidance excluded $4 million in losses from the closure of its Discova Central Americas destination management business.
• The energy sector was the worst performing sector as oil fell for a fourth straight session, the longest losing streak since early June to settle below US$77 a barrel.
• The Dow has closed down by 0.14%, the S&P 500 closed down by 0.16%, and the NASDAQ ended lower by 0.05%.
• Hang Seng is down by 0.94%, and FTSE 100 is down by 0.38%.

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