Mid-Market: S&P/ASX 200 Trading Higher; Austral Jumps 10%, Orora Declines By More Than 13%

On 02 April 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 5.70 points or 0.07%, and is currently trading at 7,902.60 levels. Out of 11 sectors, 4 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Energy sectors are the top 2 gaining sectors, gaining 0.91% and 0.76% in their index values. On the other hand, Healthcare and Industrials sectors are the top 2 declining sectors, declining 0.60% and 0.52% in their index values.

Boss Energy Ltd (ASX: BOE) and Paladin Energy Limited (ASX: PDN) are the top-gaining stocks, gaining 5.450% and 5.292% in their stock prices. On the other hand, Orora Limited (ASX: ORA) and Netwealth Limited (ASX: NWL) are the top-losing stocks and are declining by 13.787% and 5.777% in their stock prices.

Factors influencing the market-

• Aussie Broadband Limited’s shares are trading after confirming it had slashed its stake in rival internet provider Superloop to just below 12% from almost 20% after it failed to get a court injunction last week stopping the sale.
• Austal Limited is trading higher after confirming it had received a takeover offer from South Korean shipbuilder Hanwha Ocean at $2.825 cash per Austal share. However, the company added it was unsure if the deal could garner the regulatory approvals needed to proceed.
• Orora Limited’s shares has slumped by more than 10% after wing back its earnings expectations as a weak market for its products continues to hamper sales. The company revised its FY24 earning forecast to between $307 million and $317 million, compared with $320.5 million in FY23.
• Oil prices rises overnight on the prospect of tightening crude supplies in the Americas while an Israeli attack in Syria threatened to widen the conflict in the Middle East.
• The Dow has closed down by 0.60%, the S&P 500 down by 0.20%, and the NASDAQ ended higher by 0.11%.
• Hang Seng is up by 0.91%, and FTSE 100 is up by 0.26%.

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