Mid-Market: S&P/ASX 200 Trading Higher; Led By A-REIT and IT Sectors

On 04 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 19.20 points or 0.25%, and is currently trading at 7,764.80 levels. Out of 11 sectors, 6 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 0.72% and 0.47% in their index values. On the other hand, Healthcare and Utilities sectors are the top 2 declining sectors, declining 0.67% and 0.35% in their index values.

West African Resources Limited (ASX: WAF) and Life360 Inc. (ASX: 360) are the top-gaining stocks, gaining 6.666% and 6.194% in their stock prices. On the other hand, Fletcher Building Limited (ASX: FBU) and News Corporation (ASX: NWS) are the top-losing stocks and are declining by 2.799% and 2.194% in their stock prices.

Factors influencing the market-

• The Australian share market trading higher, with traders expecting tepid economic growth figures to be among a flurry of data due this week and strengthen projections that central banks will start reducing interest rates later this year.
• Genex Power Limited’s shares are rallying today after J-Power, one of Japan’s largest energy utilities has lobbed a $375 million bid to buy Queensland renewables developer.
• OPEC+ members led by Saudi Arabia and Russia decided on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.
• The Dow has closed up by 0.23%, the S&P 500 up by 0.80%, and the NASDAQ ended higher by 1.14%.
• Hang Seng is up by 0.47%, and FTSE 100 is up by 0.69%.

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