Mid-Market: S&P/ASX 200 Trading Higher; Buoyed By Utilities And Consumer Staples Sectors

On 17 April 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 6.00 points or 0.08%, and is currently trading at 7,618.50 levels. Out of 11 sectors, 6 sectors are trading higher along with the gain in the S&P/ASX 200.

The Utilities and Consumer Staples sectors are the top 2 gaining sectors, gaining 1.02% and 0.34% in their index values. On the other hand, Materials and Industrials sectors are the top 2 declining sectors, declining 0.41% and 0.26% in their index values.

Coronado Global Resources Inc. (ASX: CRN) and Bank Of Queensland Limited (ASX: BOQ) are the top-gaining stocks, gaining 5.957% and 5.775% in their stock prices. On the other hand, Boral Limited (ASX: BLD) and Nanosonics Limited (ASX: NAN) are the top-losing stocks and are declining by 4.007% and 2.788% in their stock prices.

Factors influencing the market-

• Australian bond yields jumped to 2024 highs, buoyed by a spike in US Treasuries after Federal Reserve Chairman Jerome Powell suggested interest rates may need to stay high for longer than previously thought due to sticky inflation.
• Lynas Rare Earths is trading higher after Australia’s richest person Gina Rinehart bought up a sizable stake in the company, disclosed late after trading yesterday.
• Bank of Queensland’s shares have jumped following its cash earnings have fallen by a third to $172 million in the six months to February but still came in above analysts’ forecasts.
• Droneshield Limited is rallying after its Belgium and Luxembourg partner has been awarded a NATO contract.
• Oil prices settled marginally lower in the previous session after economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions with eyes on Israel and its pending response to Iran's attack on Israeli territory over the weekend.
• The Dow has closed up by 0.17%, the S&P 500 down by 0.21%, and the NASDAQ ended lower by 0.12%.
• Hang Seng is down by 2.12%, and FTSE 100 is down by 2.19%.

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