Mid-Market: S&P/ASX 200 Trading Higher By 0.34%; Mirroring US Markets

On 24 August 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 24.20 points or 0.34%, and is currently trading at 7,172.60 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200.

The Information Technology and A-REIT sectors are the top 2 gaining sectors, gaining 1.38% and 0.93% in their index values. On the other hand, the Utilities and Consumer Staples sectors are the top 2 losing sectors, declining 1.49% and 0.81% in their index values.

Telix Pharmaceutical Limited (ASX: TLX) and Sayona Mining Limited (ASX: SYA) are the top-gaining stocks, gaining 7.354% and 6.000% in their stock prices. On the other hand, Insignia Financial Ltd (ASX: IFL) and Costa Group Holdings Limited (ASX: CGC) are the top-losing stocks and are declining by 13.403% and 10.844% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading higher after a strong lead from Wall Street, which was buoyed overnight by positive US economic data.
• Qantas shares have lifted after the group delivered a record profit and said it will return another $500 million to shareholders.
• Financial advice and funds management group Insignia is amongst the top losers after posting a full-year underlying net profit down 15% to $191 million.
• Costa slumped after the fruit and vegetable company cautioned about earnings and said it was “uncertain” if the $1.62 billion transaction with New York private equity firm Paine Schwartz Partners would eventuate.
• Gold prices hit 2-week highs and settled above the critical $1,900 an ounce level on Wednesday as the dollar, and Treasury yields declined from recent highs ahead of Federal Reserve Chair Jay Powell’s speech later in the week at the central bank’s annual policy event in Jackson Hole, Wyoming.
• Dow has closed up by 0.54%, the S&P 500 up by 1.10%, and NASDAQ ended higher by 1.59%.
• Hang Seng is up by 0.31%, and FTSE 100 is up by 0.68%.

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