Mid-Market: S&P/ASX 200 Trading Higher; Gained By Tech Stocks

On 26 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 24.20 points or 0.32%, and is currently trading at 7,667.50 levels. Out of 11 sectors, 7 sectors are trading higher along with the gain in the S&P/ASX 200.

The Information Technology and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 0.94% and 0.85% in their index values. On the other hand, Energy and Consumer Staples sectors are the top 2 declining sectors, declining 1.60% and 0.55% in their index values.

Alumina Limited (ASX: AWC) and Liontown Resources Limited (ASX: LTR) are the top-gaining stocks, gaining 7.598% and 6.511% in their stock prices. On the other hand, TPG Telecom Limited (ASX: TPG) and Nanosonics Limited (ASX: NAN) are the top-losing stocks and are declining by 6.344% and 4.953% in their stock prices.

Factors influencing the market-

• The Australian share market is trading higher today, tracking the optimism that sent Wall Street to a record high on Friday, capitalising on the historic rally of Nvidia.
• Suncorp Group Limited’s shares are rising after the company announced that it gained an extra 16% in insurance premiums, amid surges in price rises across industry.
• TPG Telecom’s shares tumbled after its annual net profit shrunk to $49 million from $513 million a year earlier as the company’s expenses rose, driven by higher telecommunications tower leasing costs and increased interest rates on debt.
• Endeavour Group’s shares are declining after its net profit fell 3.6% to $351 million, dented by higher financing costs. This was in line with company expectations and not as bad as feared by analysts who tipped a 5.3% fall.
• Kogan Limited’s shares rallied and has reinstated its dividend after returning to profitability in the December half, though revenue dropped by 9.9% as shoppers backed off because of cost-of-living pressures.
• The Dow has closed up by 0.16%, the S&P 500 up by 0.03%, and the NASDAQ ended lower by 0.28%.
• Hang Seng is down by 0.10%, and FTSE 100 is up by 0.28%.

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