Mid-Market: S&P/ASX 200 Trading Higher By 0.26%; Buoyed By Tech Stocks

On 08 November 2023, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 17.90 points or 0.26%, and is currently trading at 6,995.00 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200.

The Information Technology and Telecommunication Services sectors are the top 2 gaining sectors, gaining 2.25% and 1.40% in their index values. On the other hand, the Materials and Energy sectors are the top 2 losing sectors, declining 1.49% and 0.97% in their index values.

James Hardie Industrial Plc (ASX: JHX) and Weebit Nano Ltd (ASX: WBT) are the top-gaining stocks, gaining 13.489% and 5.326% in their stock prices. On the other hand, Domain Holdings Australia Limited (ASX: DHG) and Bellevue Gold Limited (ASX: BGL) are the top-losing stocks and are declining by 4.360% and 3.887% in their stock prices.

Factors influencing the market-

• The Australian share market is higher after gains on Wall Street were offset by weaker-than-anticipated Chinese data that weighed on commodity prices.
• James Hardie’s shares are sharply higher after posting a 2% increase to its net income at US$178.9 million in the 2QFY24, and also It booked global net sales at US$998.8 million.
• The materials sector was the worst performer as iron ore, gold, and oil retreated overnight amid renewed concerns about China’s economy following mixed trade data on Tuesday. BHP Group dropped 2.3%, Fortescue Metals lost 1.4% and Rio Tinto declined 2.5%.
• Oil prices fell the most in more than three months as weak trade data from China and fresh doubts about whether the Federal Reserve has finished raising rates clouded the outlook for demand.
• The Dow has closed up by 0.17%, the S&P 500 up by 0.28%, and the NASDAQ ended higher by 0.90%.
• Hang Seng is up by 1.60%, and FTSE 100 is down by 0.10%.

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