Mid-Market: S&P/ASX 200 Trading Higher; Oil Prices Settled 3% Higher

On 08 October 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 13.60 points or 0.17%, and is currently trading at 8,219.00 levels. Out of 11, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 1.30% and 0.84% in their index values. On the other hand, Information Technology and Consumer Discretionary sectors are the top 2 declining sectors, declining 1.11% and 0.51% in their index values.

West African Resources Limited (ASX: WAF) and Alcoa Corporation (ASX: AAI) are the top-gaining stocks, gaining 6.903% and 2.976% in their stock prices. On the other hand, Neuren Pharmaceuticals Limited (ASX: NEU) and The Star Entertainment Group Limited (ASX: SGR) are the top-losing stocks and are declining by 4.015% and 3.509% in their stock prices.

Factors influencing the market-

• NRW Holdings Limited’s shares are declining despite the company has won a $360 million contract with gold producer Evolution Mining for surface mining at Castle Hill, Western Australia. The contract is set to begin in November and is expected to be completed by mid-2030.
• Iron ore futures in Singapore rallied 2.9% to US$111.75 a tonne ahead of a briefing from China’s top economic planner later this afternoon.
• Oil prices closed more than 3% higher in the previous session, with Brent surpassing $80 per barrel for the first time since August as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.
• The Dow has closed down by 0.94%, the S&P 500 closed down by 0.96%, and the NASDAQ ended lower by 1.17%.
• Hang Seng is up by 1.60%, and FTSE 100 is up by 0.28%.

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