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

On 22 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 16.40 points or 0.21%, and is currently trading at 7,868.10 levels. Out of 11 sectors, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Information Technology sectors are the top 2 gaining sectors, gaining 0.65% and 0.48% in their index values. On the other hand, Telecommunication Services and Energy sectors are the top 2 declining sectors, declining 1.93% and 0.14% in their index values.

Webjet Limited (ASX: WEB) and Telix Pharmaceuticals Limited (ASX: TLX) are the top-gaining stocks, gaining 11.019% and 8.317% in their stock prices. On the other hand, James Eagers Automotive Limited (ASX: APE) and Telstra Group Limited (ASX: TLS) are the top-losing stocks and are declining by 15.751% and 3.922% in their stock prices.

Factors influencing the market-

• Australian shares are gaining in line with modest gains in New York as the major benchmarks continued to reset record highs.
• Webjet Limited’s shares are rising by more than 10% after it has flagged plans to split its consumer and business facing operations into two separate ASX-listed entities. Moreover, its Group bookings and profits climbed in financial 2024.
• Technology One shares are gaining today after analysts including Wilsons upgraded their valuations on the software group. It also posted a 17.5% rise in profit before tax to $61.5 million, on sales of $245 million for the six months to March 31, up 16%.
• Oil prices settled 1% lower in the previous session as lingering U.S. inflation looked likely to keep interest rates higher for longer, weighing on fuel demand.
• The Dow has closed up by 0.17%, the S&P 500 closed up by 0.25%, and the NASDAQ ended higher by 0.22%.
• Hang Seng is down by 2.12%, and FTSE 100 is down by 0.09%.

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