Mid-Market: S&P/ASX 200 Trading Higher By 0.42%; Gained By Materials And IT Sectors

On 08 August 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 30.80 points or 0.42%, and is currently trading at 7,340.40 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200.

The Materials and Information Technology sectors are the top 2 gaining sectors, gaining 0.89% and 0.83% in their index values. On the other hand, the Utilities and Consumer Staples sectors are the top 2 losing sectors, declining 0.20% and 0.06% in their index values.

James Hardie Industries PLC (ASX: JHX) and Lake Resources N.L. (ASX: LKE) are the top-gaining stocks, gaining 15.382% and 4.285% in their stock prices. On the other hand, Corornado Global Resources Inc. (ASX: CRN) and Charter Hall Long Wale REIT (ASX: CHW) are the top-losing stocks and are declining by 8.967% and 3.971% in their stock prices.

Factors influencing the market-

• James Hardie’s share price surged more than 15%, even as it reported that net profit for the three months ended June 30 was down 3% to US$157.8 million ($240.1 million) compared with the same period a year earlier. 
• Coronado Global Resources plunged after it posted a 24% dip in revenue, while adjusted earnings collapsed 58.4% compared to the previous corresponding period as coal prices continued to slide from historic highs.
• Gold prices edged lower today, extending losses from the prior session as uncertainty over the Federal Reserve’s next move and anticipation of more substantial inflation reading this week buoyed the dollar and Treasury yields.
• Oil prices rose in early trade as supply concerns arising from production cuts by Saudi Arabia, and Russia supported the market.
• Dow has closed up by 1.16%, S&P 500 up by 0.90%, and NASDAQ ended higher by 0.61%.
• Hang Seng is down by 0.01%, and FTSE 100 is down by 0.13%.

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