Mid-Market: S&P/ASX 200 Trading Lower; Dragged down by Consumer Discretionary

On 22 February 2024, at AEDT 11:15 AM, the benchmark index S&P/ASX 200 is trading lower today, losing 0.90 points or 0.01%, and is currently trading at 7,607.50 levels. Out of 11 sectors, 06 sectors are trading lower along with the loss in the S&P/ASX 200. The Consumer Discretionary and Information Technology sectors are the top 2 gaining sectors, gaining 0.83% and 0.64% in their index values.

Insignia Financial Ltd (ASX: IFL) and Bega Cheese Limited (ASX: BGA) are the top-gaining stocks, gaining 13.495% and 10.845% in their stock prices. On the other hand, Sayona Mining Limited (ASX: SYA) and Tabcorp Holding Limited (ASX: TAH) are the top-losing stocks and are declining by 21.094% and 12.414% in their stock prices.

Factors influencing the market-

• Fortescue increased its interim dividend by 44% to $1.08 per share due to a robust iron ore price in the six months ending December 31.
• Qantas announced a $400 million buyback amid declining profits; its shares rose by 3% in early trading.
• Lovisa recorded a 12% growth in net profit to $53.5 million in the first half, resulting in an 8% increase in its shares.
• Despite significant cybersecurity expenses from an online hack, Medibank saw rises in sales and profits.
• Singapore Airlines experienced a slump of up to 9.4% due to concerns over competitive pressures and increasing costs affecting its future prospects.

• Dow Jones increased by 0.13%, S&P 500 gained 0.13%, and NASDAQ fell by 0.32%.
• Hang Seng rose by 1.57%, while FTSE 100 declined by -0.73% today.

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