Mid-Market: S&P/ASX 200 Trading Higher By 0.52%; Tracking US Market Rally

On 22 January 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 38.90 points or 0.52%, and is currently trading at 7,460.10 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200.

The Information Technology and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 1.43% and 1.12% in their index values. On the other hand, Energy and Materials sectors are the top 2 declining sectors, declining 0.53% and 0.27% in their index values.

Bega Cheese Limited (ASX: BGA) and Life360 Inc. (ASX: 360) are the top-gaining stocks, gaining 4.061% and 3.234% in their stock prices. On the other hand, Liontown Resources Limited (ASX: LTR) and Sayona Mining Limited (ASX: SYA) are the top-losing stocks and are declining by 18.410% and 6.667% in their stock prices.

Factors influencing the market-

• The Australian share market is trading higher, tracking a US rally that pushed the S&P 500 and the Nasdaq to records last week on anticipations that the Federal Reserve will lower interest rates this year.
• South32 Limited’s shares declined after lowering its copper output guidance for fiscal 2024. It still expects operating unit costs to be in line or below for the first half of the year.
• Liontown Resources Limited tumbled more than 15% on news that it was reviewing the planned expansion of its WA lithium project Kathleen Valley due to weak spodumene prices.
• Chalice Mining Limited’s shares are declining on plans to slash costs by 40% this year due to weak market conditions. The company said the reduction will include executive salaries and it will focus on “high-priority” exploration activities such as the Gonneville project and in the West Yilgarn Province of Western Australia.
• Oil prices settled slightly lower on Friday but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies.
• The Dow has closed up by 1.05%, the S&P 500 up by 1.23%, and the NASDAQ ended higher by 1.70%.
• Hang Seng is down by 0.54%, and FTSE 100 is up by 0.04%

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