Mid-Market: S&P/ASX 200 Trading Higher; Buoyed By Mining Stocks

On 25 September 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 10.00 points or 0.10%, and is currently trading at 8,152.60 levels. Out of 11, 7 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Consumer Staples sectors are the top 2 gaining sectors, gaining 2.24% and 0.66% in their index values. On the other hand, Financials and Information Technology sectors are the top 2 declining sectors, declining 0.54% and 0.37% in their index values.

Champion Iron Ltd (ASX: CIA) and Genesis Minerals Limited (ASX: GMD) are the top-gaining stocks, gaining 6.554% and 4.830% in their stock prices. On the other hand, Premier Investments Limited (ASX: PMV) and Sigma Healthcare Limited (ASX: SIG) are the top-losing stocks and are declining by 7.752% and 3.522% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading higher, buoyed by mining stocks after the People’s Bank of China yesterday announced policies to boost banks’ lending to consumers and corporates and a cut to its key short-term interest rate. It also plans to lower the mortgage rate for existing housing loans in a bid to support the country’s property market, which is a big consumer of iron ore.
• Fortescue Ltd’s shares are rising following it has inked a $2.8 billion deal to replace two-thirds of its fleet of haulage trucks and equipment in Western Australia with electric versions.
• Oil prices climbed about 2% to a three-week high on Tuesday on news of monetary stimulus from China, the world's top crude importer, and amid concerns that growing conflict in the Middle East could hit regional supply.
• The Dow has closed up by 0.20%, the S&P 500 closed up by 0.25%, and the NASDAQ ended higher by 0.57%.
• Hang Seng is up by 4.13%, and FTSE 100 is up by 0.28%.

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