Mid-Market: S&P/ASX 200 Trading Higher By 1.13%; Uranium Prices Rallies To A 16-Year Record High

On 02 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 85.70 points or 1.13%, and is currently trading at 7,673.20 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Information Technology sectors are the top 2 gaining sectors, gaining 2.29% and 1.85% in their index values. On the other hand, Utilities sector is the only declining sector, declining 0.51% in its index values.

Pinnacle Investment Management Group Limited (ASX: PNI) and Boss Energy Ltd (ASX: BOE) are the top-gaining stocks, gaining 8.717% and 6.422% in their stock prices. On the other hand, Chalice Mining Limited (ASX: CHN) and AGL Energy Limited (ASX: AGL) are the top-losing stocks and are declining by 6.373% and 3.630% in their stock prices.

Factors influencing the market-

• Uranium stocks are gaining on a new uranium price rally, the spot price neared 16-year highs again at US$106.25 per pound after Kazakh giant Kazamprotom warned again about production challenges in 2024.
• Pinnacle Investment, the asset manager, jumped today after it revealed affiliates’ funds under management topped $100 billion in December and reported a flat half-year profit.
• Oil prices fell in the previous session, but traders had to contend with wild swings amid conflicting reports on the progress toward an extended Israel-Hamas ceasefire that may likely ease geopolitical tensions and concerns about a supply disruptions.  
• The Dow has closed up by 0.97%, the S&P 500 up by 1.25%, and the NASDAQ ended higher by 1.30%.
• Hang Seng is up by 0.52%, and FTSE 100 is down by 0.11%

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