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

On 31 July 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, increasing 49.60 points, or 0.62%, to 8,002.80. Out of 11 sectors, ten sectors are trading lower. Utilities are the top declining sector, declining 1.59% in their index values respectively. On the other hand, Information Technology and Industrials are the top two gaining sectors gaining 1.11% and 0.86% in their index values respectively.

Siteminder Limited (ASX: SDR) and Technology One Limited (ASX: TNE) are the top-gaining stocks, with stock prices increasing by 8.409% and 4.547%, respectively. Gold Road Resources Limited (ASX: GOR) and Telix Pharmacy Limited (ASX: TLX) are the top-losing stocks, with stock prices declining by 5.264% and 5.073%, respectively.

Factors influencing the market-

• Rio Tinto rose 0.9% after reporting a half-year profit of AU$ 5.8 billion post-tax. The mining giant recorded underlying earnings (EBITDA) of AU$12.1 billion and net cash of AU$7.1 billion. Rio Tinto declared an interim ordinary dividend of US177¢ per share.
• Origin Energy dropped 1.7% despite a 2% revenue increase from Australia Pacific LNG, reaching AU$2.6 billion in the June quarter. Origin Energy's FY24 revenue was 12% lower compared to FY23.
• Regional Express entered voluntary administration, leading to the cancellation of Rex Airlines flights between significant airports.
• The yen maintained its most significant monthly gain in 18 months, with Japanese bond yields rising as traders anticipated a potential interest rate hike by the central bank on Wednesday.
• Oil prices fell to nearly a two-month low due to a bleak demand outlook in China and traders awaiting critical economic data.
• The Dow closed by 0.50%, while the S&P 500 and NASDAQ decreased by 0.50% and 1.28%, respectively.
• The Hang Seng index is down 1.37%, and the FTSE 100 is down 0.22% today.

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