Mid-Market: S&P/ASX 200 Trading Higher; Buoyed By Energy And Industrials Sectors

On 30 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 31.30 points or 0.39%, and is currently trading at 8,076.40 levels. Out of 11, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The Energy and Industrials sectors are the top 2 gaining sectors, gaining 1.06% and 0.98% in their index values. On the other hand, Consumer Discretionary sector is the only declining sector, declining 0.09% in its index value.

Downer Edi Limited (ASX: DOW) and TPG Telecom Limited (ASX: TPG) are the top-gaining stocks, gaining 14.435% and 6.768% in their stock prices. On the other hand, Ramsay Healthcare Limited (ASX: RMC) and Harvey Norman Holdings Limited (ASX: HVN) are the top-losing stocks and are declining by 7.429% and 4.295% in their stock prices.

Factors influencing the market-

• TPG Telecom Limited’s shares are rising following it announced that it is cutting 120 jobs to save $20 million after interim net profit slid 40% to $29 million to counter “sustained inflation.” The telco group’s interim revenue was flat at around $2.7 billion but finance costs increased due to new lease agreements and higher interest rates.
• Ramsay Health Care shares declined more than 7% after the company said patient growth will slow this year as it warned that cost inflation was hurting margin recovery.
• Downer EDI surged 14% when it swung to a $82 million annual profit after reporting a $386 million net loss a year earlier, when it took hundreds of millions of dollars of write downs.
• Oil prices settled higher on Thursday, underpinned by ongoing supply risks as crude output in Libya slumped, while Iraq detailed plans to reduce output starting next month.
• The Dow has closed down by 0.59%, the S&P 500 closed flat, and the NASDAQ ended lower by 0.23%.
• Hang Seng is up by 0.53%, and FTSE 100 is up by 0.43%.

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