Mid-Market: S&P/ASX 200 Trading Lower; Mirvac Group Declines 9%

On 08 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 38.20 points or 0.50%, and is currently trading at 7,661.00 levels. Out of 11 sectors, 8 sectors are trading higher despite the decline in the S&P/ASX 200.

The Utilities and Financials sectors are the top 2 gaining sectors, gaining 0.35% and 0.31% in their index values. On the other hand, Materials and A-REIT sectors are the top 2 declining sectors, declining 1.20% and 1.17% in their index values.

AMP Limited (ASX: AMP) and Audinate Group Limited (ASX: AD8) are the top-gaining stocks, gaining 9.734% and 5.797% in their stock prices. On the other hand, Mirvac Group (ASX: MGR) and West African Resources Limited (ASX: WAF) are the top-losing stocks and are declining by 9.953% and 7.707% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is declining today as investors pondered about the outlook for interest rates after the Reserve Bank poured cold water over the prospect of an easing this year.
• AMP Limited’s shares jumped after it reported that its net profit rose 5.4% to $118 million in the half-year. The company has reported a statutory net profit of $103 million. 
• Myer Limited’s shares are declining following a trading update that it expected a net profit of between $50 million and $54 million in FY24, down from $71.1 million in the prior year, due to challenging trading conditions, the impact of store closures and inflationary cost pressures.
• Oil prices climbed in the previous session, as larger decline in U.S. weekly crude inventories and ongoing Middle East tensions offset concerns over slowing economic growth and weak demand.
• The Dow has closed down by 0.60%, the S&P 500 closed down by 0.77%, and the NASDAQ ended lower by 1.04%.
• Hang Seng is down by 1.38%, and FTSE 100 is up by 1.75%.

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