Mid-Market: S&P/ASX 200 Trading Higher; All 11 Sectors Are Trading Higher

On 16 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 54.80 points or 0.72%, and is currently trading at 7,660.50 levels. All 11 sectors are trading higher along with the gain in the S&P/ASX 200. The Energy and Materials sectors are the top 2 gaining sectors, gaining 1.88% and 1.49% in their index values.

Arcadium Lithium Ltd (ASX: LTM) and Pilbara Minerals Limited (ASX: PLS) are the top-gaining stocks, gaining 6.194% and 5.780% in their stock prices. On the other hand, Inghams Group Limited (ASX: ING) and Neuren Pharmaceuticals Limited (ASX: NEU) are the top-losing stocks and are declining by 13.426% and 11.931% in their stock prices.

Factors influencing the market-

• Australian shares are rising boosted by gains among the miners, as commodity prices climbed and the US dollar fell overnight. On Wall Street, the S&P 500 Index hit a record high of 5032.72 points.
• Inghams Group Limited’s shares are falling sharply after reporting a 29% lift in earnings to $254 million in the six months to December from a year ago, due to higher prices, but warned that the 2HFY24 result will be lower because of inflationary headwinds across labour, feed, and energy.
• The Australian dollar rebounded 0.5% to US65.22¢, having erased Thursday’s losses from a softer-than-expected January labor force report. It touched a three-month low of US64.41¢ this week.
• Oil prices rose over 1% in the previous session after U.S. retail data prompted a sell-off in the dollar, though investors eyed an International Energy Agency (IEA) report that flagged slowing demand growth this year.
• The Dow has closed up by 0.91%, the S&P 500 up by 0.58%, and the NASDAQ ended higher by 0.30%.
• Hang Seng is up by 0.41%, and FTSE 100 is up by 0.38%.

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