Mid-Market: S&P/ASX 200 Trading Low; Dragged down by Information Technology

On 23 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, dropping 26.90 points, or 0.34%, to 8000.10. Out of 11 sectors, 10 sectors are trading lower. Information Technology and Energy are the top declining sectors, 1.20% and 1.14% in their index values, respectively. On the other hand, A-REIT is the top two gaining sectors, gaining 0.118% in their index values, respectively.

Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) and Stockland (ASX: SGP) are the top-gaining stocks, with stock prices increasing by 8.248% and 3.886%, respectively. Inghams Group Limited (ASX: ING) and Spark New Zealand Limited (ASX: SPK) are the top-losing stocks, with stock prices declining by 16.021% and 8.419%, respectively.

Factors influencing the market-

• Australian shares are set to snap a 10-day winning streak, opening down 0.2% to 8008 points, following a negative session on Wall Street where the Nasdaq fell 1.7%, signalling potential market weakness.
• Telix Pharmaceuticals posted a maiden half-year profit, with shares up over 1300% in five years, potentially influencing the healthcare sector and driving interest in biotech stocks.
• Accent Group shares dropped 9% to AU$1.91 after the footwear retailer missed profit expectations, which could weigh on the retail sector's outlook.
• Inghams shares fell 12.9% to AU$ 3.00 after warning of slowing poultry volumes due to cost-of-living pressures and a new contract with Woolworths, negatively impacting the food production sector.
• US Federal Reserve Chairman Jerome Powell is scheduled to speak, which may influence global markets and investor sentiment, particularly regarding interest rate expectations.
• Oil prices softened, contributing to an 18% drop in Santos' first-half core profit, leading to a 4.3% share price decline to AU$7.48. The company is evaluating major projects like Narrabri and Papua LNG for 2025 while declaring a record interim dividend of US13¢ with projected cash flows reaching $US4 billion by 2027.
• The Dow Jones closed down by 0.43%, with the S&P 500 and NASDAQ decreasing by 0.89% and 1.67% respectively. 
• The Hang Seng is flat, and the FTSE 100 is higher by 0.055% today.

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