Mid-Market: S&P/ASX 200 Trading high; Lifted by Materials

On 20 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 21.00 points, or 0.26%, to 8001.40. Out of 11 sectors, 01 sectors are trading lower. A-REIT is the top declining sector, with 0.22% in their index values. On the other hand, Materials and Healthy Care are the top two gaining sectors, gaining 1.18% and 0.67% in their index values, respectively.

Judo Capital Holdings Limited (ASX: JDO) And Reliance Worldwide Corporation Limited (ASX: RWC) are the top-gaining stocks, with stock prices increasing by 11.191% and 7.872%, respectively. Dexus (ASX: DXS) and Audinate Group Limited (ASX: AD8) are the top-losing stocks, with stock prices declining by 7.334% and 5.384%, respectively.

Factors influencing the market-

• ASX 200 surpassed 8000 points, rising 0.4% to 8014.9, continuing recovery from earlier selloffs, supported by overnight gains in US shares.
• US market gains, with the S&P 500 up 1% to 5608.25, have boosted investor sentiment, contributing to the ASX's 4.5% bounce since the early August sell-off.
• Investors are focused on upcoming remarks from Fed Chairman Jerome Powell at the Jackson Hole symposium on Saturday (AEST) for insights into future monetary policy.
• Mixed corporate earnings reports from companies like Dexus (down 7.3% to AU$6.95), Baby Bunting (up 15.1% to AU$1.75), and Reliance Worldwide (up 8.9% to AU$5.12) are driving sector-specific movements on the ASX.
• Yancoal’s decision to withhold dividends to preserve cash for acquisitions led to a 16.2% drop in its share price to AU$ 5.83, despite a solid half-year profit of AU$ 420 million.
• Brent crude oil prices decreased by 2.4%, closing at $US77.77 per barrel as of 5pm in New York. This decline reflects ongoing market volatility and concerns about global demand, particularly amid economic uncertainties and fluctuating supply dynamics.
• The Dow Jones closed up by 0.58%, with the S&P 500 and NASDAQ increasing by 0.97% and 1.39% respectively. 
• The Hang Seng is flat, and the FTSE 100 is up by 0.55% today.

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