Mid-Market: S&P/ASX 200 Trading Higher; Following A Softer-Than-Expected US Jobs Report

On 06 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 35.30 points or 0.46%, and is currently trading at 7,664.30 levels. Out of 11 sectors, 9 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Energy sectors are the top 2 gaining sectors, gaining 1.30% and 0.58% in their index values. On the other hand, Industrials and Utilities sectors are the top 2 declining sectors, declining 0.37% and 0.25% in their index values.

Nickel Industries Limited (ASX: NIC) and Goodman Group Limited (ASX: GMG) are the top-gaining stocks, gaining 3.157% and 2.788% in their stock prices. On the other hand, Block Inc. (ASX: SQ2) and Spark New Zealand Limited (ASX: SPK) are the top-losing stocks and are declining by 9.516% and 4.236% in their stock prices.

Factors influencing the market-

• The Australian share market is gaining today after a softer-than-expected US jobs report bolstered the case for interest rate cuts in the world’s largest economy this year.
• GrainCorp Limited’s shares sharply dropped after downgrading its profit guidance, blaming softer commodity prices and increased competition on global grain markets for the revised forecast. The company said it expected FY24 underlying EBITDA to be in the range of $250 million to 280 million, down from the previously disclosed range of $270 million to $310 million.
• Oil steadied after the biggest weekly drop since February as Saudi Arabia hiked selling prices for grades to Asia for the third month in a row, signaling confidence in the outlook with the OPEC+ cartel cutting supply.
• The Dow has closed up by 1.18%, the S&P 500 up by 1.26%, and the NASDAQ ended higher by 1.99%.
• Hang Seng is up by 1.48%, and FTSE 100 is up by 0.51%.

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