Mid-Market: S&P/ASX 200 Trading Lower; Dragged Down By Tech And Materials Stocks

On 29 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 38.40 points or 0.48%, and is currently trading at 8,033.00 levels. Out of 11, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Financial sector is the only gaining sector, gaining 0.22% in its index value. On the other hand, Information Technology and Materials sectors are the top 2 declining sectors, declining 1.25% and 1.11% in their index values.

Bega Cheese Limited (ASX: BGA) and IDP Education Limited (ASX: IEL) are the top-gaining stocks, gaining 4.577% and 2.996% in their stock prices. On the other hand, Mineral Resources Limited (ASX: MIN) and Red 5 Limited (ASX: RED) are the top-losing stocks and are declining by 10.435% and 8.220% in their stock prices.

Factors influencing the market-

• Australian share market is declining, tracking a weak lead from Wall Street and a sharp fall in Nvidia stock in after-hours trading, with local investors digesting another wave of profit results including Qantas and Wesfarmers.
• Bega Cheese Limited’s shares are gaining today following it announced a NPAT of $30.5 million for the FY24, compared with a bottom line loss of $230 million a year earlier when there were heavy write downs.
• IDP Education is rising after it has posted record revenue of $1 billion for FY24, up 6% on the prior year. The result was driven by strong student placement revenue growth of 27%.
• Oil prices settled 1% lower in the previous session after a smaller-than-expected draw in US crude stockpiles and as concerns over Chinese demand persisted, though losses were capped by supply risks in the Middle East and Libya.
• The Dow has closed down by 0.39%, the S&P 500 closed down by 0.60%, and the NASDAQ ended lower by 1.12%.
• Hang Seng is down by 1.02%, and FTSE 100 is down by 0.02%.

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