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

On 28 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 76.60 points or 0.98%, and is currently trading at 7,896.50 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Materials sectors are the top 2 gaining sectors, gaining 1.91% and 1.74% in their index values. On the other hand, Information Technology sector is the only declining sector, declining 0.33% in its index value.

Arcadium Lithium Limited (ASX: LTM) and Alumina Limited (ASX: AWC) are the top-gaining stocks, gaining 8.067% and 5.783% in their stock prices. On the other hand, Pexa Group Limited (ASX: PXA) and Audinate Group Limited (ASX: AD8) are the top-losing stocks and are declining by 1.850% and 1.823% in their stock prices.

Factors influencing the market-

• Australian shares hit a record high today as gold, iron ore, and lithium miners rose amid a rebound in resource prices. Moreover, the interest rate sensitive banking, property and retail sectors also climbed as investors bet on rate cuts in the 2HFY24.
• The yen dropped to its lowest level since 1990 on Wednesday before rebounding slightly after Japan’s top monetary officials met to discuss the rapidly weakening currency and suggested they were ready to intervene.
• Oil prices fell for the second consecutive session as the dollar strengthened and government data showed a surprise jump in U.S. crude and gasoline stocks.
• The Dow has closed up by 1.22%, the S&P 500 up by 0.86%, and the NASDAQ ended higher by 0.51%.
• Hang Seng is down by 1.36%, and FTSE 100 is up by 0.01%.

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