Mid-Market: S&P/ASX 200 Sharply Lower; All 11 Sectors Are Trading In Red

On 14 February 2024, at AEDT 11:50 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 99.30 points or 1.31%, and is currently trading at 7,504.30 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Financials and A-REIT sectors were the top 2 declining sectors, declining 1.57% and 1.52% in their index values.

IDP Education Limited (ASX: IEL) and Downer EDI Limited (ASX: DOW) are the top-gaining stocks, gaining 11.758% and 9.744% in their stock prices. On the other hand, G.U.D. Holdings Limited (ASX: GUD) and Graincorp Limited (ASX: GNC) are the top-losing stocks and are declining by 15.321% and 12.303% in their stock prices.

Factors influencing the market-

• The Australian share market tumbled at the open, in line with a sell-off overseas after a hotter-than-expected US CPI result dashed hopes of an early rate cut by the Federal Reserve.
• Seven Group rallied after it has upgraded its group level guidance to “mid to high-teen” EBIT growth for the full year, citing outperformance from its industrial services segment, which includes its WestTrac, Coate and Boral businesses.
• AMP Limited’s shares rallied over 10% on the financials giant’s pledge to return a further $295 million through future dividends or buying back shares on-market.
• GrainCorp Limited plunged more than 10% after it said it expects underlying profit to more than halve in FY24 compared to a year earlier, reflecting the normalization of growing conditions on Australia’s east coast. It expects to report FY24 underlying EBITDA in the range of AU$270-AU$310 million, down from AU$565 million in FY23.
• IDP Education Limited’s shares rallied following it recorded an increase to its revenue, up 15% to AU$579 million, EBIT increased 25% to AU$159 million. Net profit jumped 23% to AU$107 million.
• The Australian dollar dropped more than 1% to US64.46¢ as the greenback rallied on hopes that US interest rates will remain higher for longer. Gold slid below US$2000 an ounce; oil briefly topped US$83 a barrel.
• The Dow has closed down by 1.35%, the S&P 500 down by 1.37%, and the NASDAQ ended lower by 1.80%.
• Hang Seng is down by 0.83%, and FTSE 100 is down by 0.81%.

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