Mid-Market: S&P/ASX 200 Trading Higher By 0.38%; AGL Energy Rallied More Than 10%

On 08 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 28.80 points or 0.38%, and is currently trading at 7,644.40 levels. Out of 11 sectors, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The Utilities and A-REIT sectors are the top 2 gaining sectors, gaining 2.78% and 1.51% in their index values. On the other hand, Energy and Materials sector were the top 2 declining sectors, declining 1.04% and 0.24% in their index values.

AGL Energy Limited (ASX: AGL) and News Corporation (ASX: NWS) are the top-gaining stocks, gaining 12.656% and 6.527% in their stock prices. On the other hand, Nickel Industries Limited (ASX: NIC) and Magellan Financial Group Limited (ASX: MFG) are the top-losing stocks and are declining by 2.190% and 1.926% in their stock prices.

Factors influencing the market-

• Cochlear Limited’s shares are rising following the company has lifted its earnings guidance for FY24 to between AU$385 million and AU$400 million, equal to growth between 26% and 31% for the year.
• AGL Energy Ltd shares jumped after it upgraded operating profit guidance as it booked a statutory profit of $576 million for the six months to December 31 from a loss of $1.1 billion in the year earlier period.
• News Corp shares jumped after it posted a 95% drop in second quarter profit to US$183 million on sales that rose 3% to US$2.52 billion.  
• Oil prices settled higher, as fading hopes of a Gaza ceasefire agreement cooled concerns about potential supply disruptions in the Middle East, but gains were stifled by a larger than expected build in U.S. crude inventories.
• The Dow has closed up by 0.40%, the S&P 500 up by 0.82%, and the NASDAQ ended higher by 0.95%.
• Hang Seng is down by 0.34%, and FTSE 100 is down by 0.68%

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