Mid-Market: S&P/ASX 200 Trading Higher; Mirroring US Market Gains

On 09 October 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 36.30 points or 0.44%, and is currently trading at 8,212.00 levels. Out of 11, 9 sectors are trading higher along with the gain in the S&P/ASX 200.

The Utilities and Telecommunication Services sectors are the top 2 gaining sectors, gaining 1.65% and 1.36% in their index values. On the other hand, Energy and Materials sectors are the top 2 declining sectors, declining 1.45% and 0.85% in their index values.

Zip Co Limited (ASX: ZIP) and Block Inc. (ASX: SQ2) are the top-gaining stocks, gaining 6.617% and 4.300% in their stock prices. On the other hand, Mineral Resources Limited (ASX: MIN) and Liontown Resources Limited (ASX: LTR) are the top-losing stocks and are declining by 6.266% and 3.593% in their stock prices.

Factors influencing the market-

• Australian shares are trading higher despite lingering disappointment with the latest Chinese effort to boost its economy.
• The Reserve Bank of New Zealand has cut the cash rate by jumbo half a percentage point to 4.75%, in line with market expectations.
• Oil prices slid in the previous session, settling down more than 4% on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure.
• The Dow has closed up by 0.30%, the S&P 500 closed up by 0.97%, and the NASDAQ ended higher by 1.45%.
• Hang Seng is down by 9.41%, and FTSE 100 is down by 1.36%.

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