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

On 20 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 38.80 points or 0.50%, and is currently trading at 7,853.20 levels. Out of 11 sectors, 5 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Healthcare sectors are the top 2 gaining sectors, gaining 1.23% and 0.18% in their index values. On the other hand, Utilities and A-REIT sectors are the top 2 declining sectors, declining 0.11% and 0.07% in their index values.

Paladin Energy Limited (ASX: PDN) and De Grey Mining Limited (ASX: DEG) are the top-gaining stocks, gaining 5.169% and 5.150% in their stock prices. On the other hand, Audinate Group Limited (ASX: AD8) and Elders Limited (ASX: ELD) are the top-losing stocks and are declining by 3.363% and 2.071% in their stock prices.

Factors influencing the market-

• Australian nickel miners are also on the rise after the metal’s price surged 7% over the weekend following an outbreak of riots in New Caledonia – a key global supply region.
• Elders Limited’s shares are declining following it has cut its first half dividend by 22% after first half profits slid by 76% to $11.6 million.
• Nuix Limited is rallying today after it said a positive six-month performance has the set the company up to exceed its revenue growth targets.
• Oil prices are declining after another flurry of events in the Middle East added more uncertainty to the region’s outlook and its impact of global energy prices.
• The Dow has closed up by 0.34%, the S&P 500 closed up by 0.12%, and the NASDAQ ended lower by 0.07%.
• Hang Seng is up by 0.91%, and FTSE 100 is down by 0.22%.

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