Mid-Market: S&P/ASX 200 TRADING High ; Lifted by Information Technology

On 01 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, increasing 37.10 points, or 0.46%, to 8,129.40. Out of 11 sectors, 02 sectors are trading lower. Financial and Industrials are the top declining sectors, declining 0.06% and 0.04% in their index values, respectively. On the other hand, Information Technology and A-REIT are the top two gaining sectors, gaining 1.43% and 1.29% in their index values, respectively.

Zip Co Limited (ASX: ZIP) and Paladin Energy Limited (ASX: PDN) are the top-gaining stocks, with stock prices increasing by 4.712% and 3.943%, respectively. Monadelphous Group Limited (ASX: MND) and Magellan Financial Group Limited (ASX: MFG) are the top-losing stocks, with stock prices declining by 7.017% and 1.762%, respectively.

Factors influencing the market-

• The Federal Reserve in the US may cut interest rates as early as September if the current trends in inflation, job market, and economic growth persist.
• Noel Pearson, an Australian indigenous leader, social advocate, and lawyer, has been appointed as a non-executive director on the board of iron ore miner Fortescue.
• Defence tech company DroneShield has completed its $120 million capital raise. Following the re-entry of its shares into the market, the stock price has dropped by 17.3% to $1.15.
• Star Entertainment's shares have decreased by 1.7% after The Australian reported that a confidential submission to the ongoing inquiry suggested the casino operator is unfit to hold its licence.
• Oil prices surged by over 5% in late trading after The New York Times reported that Iran ordered retaliation against Israel following the killing of a Hamas leader on its soil.
• The Dow Jones closed up by 0.24%, with the S&P 500 and NASDAQ increasing by 1.58% and 2.64% respectively. 
• The Hang Seng is up by 2.01%, and the FTSE 100 has risen by 1.13% today.

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