Mid-Market: S&P/ASX 200 Trading Higher; 360 Rallied More Than 15%

On 08 April 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 16.40 points or 0.21%, and is currently trading at 7,789.70 levels. Out of 11 sectors, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The Information Technology and Healthcare sectors are the top 2 gaining sectors, gaining 1.48% and 0.67% in their index values. On the other hand, Consumer Staples and Energy sectors are the top 2 declining sectors, declining 0.72% and 0.71% in their index values.

Life360 Inc. (ASX: 360) and Newmont Corporation (ASX: NEM) are the top-gaining stocks, gaining 17.380% and 5.397% in their stock prices. On the other hand, Elders Limited (ASX: ELD) and Beach Energy Limited (ASX: BPT) are the top-losing stocks and are declining by 25.738% and 17.019% in their stock prices.

Factors influencing the market-

• The Australian share market is pushing higher in the first session of the week, led by tech stocks which have taken their lead from Friday’s tech-led rally on Wall Street.
• Life360 Inc. is rallying today after the company said it was outpacing market expectations after drawing in 4.8 million active users in a record first quarter.
• Elders Limited’s shares collapsed after it announced its first-half trading for FY24 has been “significantly below expectations” due to the impact of El Niño, low farm gate prices and sustained margin pressures.
• Beach Energy is trading lower after saying it expects costs at its WA-based Waitsia gas plant to increase by as much as $200 million, following the discovery of quality-related problems at the site.
• Uranium stocks are having their best run in months on a combination of flooding in Kazakhstan, the world’s largest producer of the nuclear fuel, and a burst of bullish coverage from banks including Goldman Sachs Group.
• The Dow has closed up by 0.80%, the S&P 500 up by 1.11%, and the NASDAQ ended higher by 1.24%.
• Hang Seng is down by 0.01%, and FTSE 100 is down by 0.81%.

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