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

On 09 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 45.80 points or 0.60%, and is currently trading at 7,727.80 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The Information Technology and Materials sectors are the top 2 gaining sectors, gaining 0.98% and 0.56% in their index values. On the other hand, Consumer Staples sector is the only declining sector, declining 0.10% in its index value.

Life360 Inc. (ASX: 360) and News Corporation (ASX: NWS) are the top-gaining stocks, gaining 17.484% and 8.748% in their stock prices. On the other hand, QBE Insurance Group Limited (ASX: QBE) and Light & Wonder Inc. (ASX: LNW) are the top-losing stocks and are declining by 3.552% and 2.146% in their stock prices.

Factors influencing the market-

• Australian share market is rising today in line with a rally in New York, after the latest weekly jobless claims data helped further ease concerns about the US economy falling into recession.
• Life360 gained by more than 15% after the company upgraded full-year revenue guidance thanks to a jump in its users-base last quarter and global expansion plans.
• QBE Insurance is declining today even as its after-tax profits doubled in the half year to June 30 to US$802 million ($1.2 billion) and increasing dividend.
• Oil prices closed higher in the previous session for the third consecutive session, after US jobs data eased demand concerns and war in the Middle East helped prices recover from an eight-month low on Monday.
• The Dow has closed up by 1.76%, the S&P 500 closed up by 2.30%, and the NASDAQ ended higher by 2.86%.
• Hang Seng is up by 0.08%, and FTSE 100 is down by 0.27%.

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