Mid-Market: S&P/ASX 200 Trading Higher; Lifted by Materials

On 19 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 15.30 points or 0.20%, and is currently trading at 7,673.60 levels. Out of 11 sectors, 05 sectors are trading higher along with the gain in the S&P/ASX 200. The Materials and Industrials sectors are the top 2 gaining sectors, gaining 1.50% and 0.29% in their index values.

The A2 Milk Company Ltd (ASX: A2M) and Reliance World Corporation Limited (ASX: RWC) are the top-gaining stocks, gaining 16.633% and 8.163% in their stock prices. On the other hand, Lendlease Group Limited (ASX: LLC) and Inghams Group Limited (ASX: ING) are the top-losing stocks and are declining by 15.713% and 5.556% in their stock prices.

Factors influencing the market-

• Cochlear's stock dropped by 1.8% to $328.61 despite announcing its largest interim dividend in over a decade.
• BlueScope Steel reported increased earnings but cautioned about a potentially weaker outlook for the second half of the financial year due to "unprecedented softness in Asian steel spreads."
• Bendigo and Adelaide Bank's shares fell by 3.8% to $9.51 following a 5% decline in interim cash profits to $268.2 million, primarily due to intense competition in the mortgage market affecting profit margins.
• McGrath, a listed real estate agency, saw its profit climb to $7.5 million in the six months ending December 31, up from $1.8 million in the same period last year, benefiting from a stable residential property market and divesting three office assets.
• The Dow closed down by 0.37%, the S&P 500 by 0.48%, and the NASDAQ by 0.82%.
• On the other hand, the Hang Seng rose by 2.48%, and the FTSE 100 increased by 1.50% today.

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