Mid-Market: S&P/ASX 200 Trading Higher By 1.05%; Mirroring US Markets Gains

On 19 January 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 77.50 points or 1.05%, and is currently trading at 7,424.00 levels. All 11 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 2.25% and 1.68% in their index values.

Whitehaven Coal Limited (ASX: WHC) and The Lottery Corporation Limited (ASX: TLC) are the top-gaining stocks, gaining 6.146% and 6.129% in their stock prices. On the other hand, Paladin Energy Limited (ASX: PDN) and Emerald Resources Limited (ASX: EMR) are the top-losing stocks and are declining by 0.996% and 0.767% in their stock prices.

Factors influencing the market-

• Australian shares are rising, tracking a tech rally on Wall Street after a solid US labor data report strengthened optimism about the economy, and investors brushed aside doubts about how soon the Federal Reserve will start cutting interest rates.
• Whitehaven Coal Limited’s shares are gaining after the company said it was on track to meet full-year coal production guidance, despite geological challenges and a major train derailment in December.
• Synlait Milk rose after increasing its 2023/2024 season milk price forecast to NZ$7.50 ($6.98) per kilo milk solid (kgMS) from NZ$7.25 due to higher dairy prices.
• Mesoblast Limited’s shares rallied after receiving the nod from the US Food and Drug Administration (FDA) for cell therapy Revascor to treat a rare pediatric disease.
• Oil prices settled higher after the International Energy Agency (IEA) joined producer group OPEC in anticipating robust growth in global oil demand, as cold winter weather disrupted US crude output and the US government reported a big weekly draw in crude inventories.
• The Dow has closed up by 0.54%, the S&P 500 up by 0.88%, and the NASDAQ ended higher by 1.35%.
• Hang Seng is up by 0.75%, and FTSE 100 is up by 0.17%

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