Mid-Market: S&P/ASX 200 Trading Lower; Tabcorp Tumbles 11% After $1.4b Write-down

On 28 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 28.20 points or 0.35%, and is currently trading at 8,043.00 levels. Out of 11, 8 sectors are trading lower along with the decline in the S&P/ASX 200.

The Consumer Staples and Utilities sectors are the top 2 gaining sectors, gaining 0.51% and 0.40% in their index values. On the other hand, Telecommunication Services and Energy sectors are the top 2 declining sectors, declining 1.88% and 1.36% in their index values.

Kelsian Group Limited (ASX: KLS) and Zip Co Ltd (ASX: ZIP) are the top-gaining stocks, gaining 6.801% and 6.220% in their stock prices. On the other hand, Tabcorp Holdings Limited (ASX: TAH) and Johns Lyng Group Limited (ASX: JLG) are the top-losing stocks and are declining by 11.505% and 5.665% in their stock prices.

Factors influencing the market-

• Tabcorp shares tumbled after chief executive Gillon McLachlan dumped the wagering giant’s ambitious 2025 strategy as the company swung to a loss and wrote down the value of its NSW and South Australian wagering assets for the second time in a year.
• APA Group Limited’s shares advanced after it posted a 9.7% increase in underlying earnings for the full year, benefiting from an expansion of its east coast gas pipeline network and an early contribution from recently acquired Pilbara Energy.
• Kelsian shares surged following a 44.2% increase to its revenue at just over $2 billion, reflecting a full year since the company’s acquisition of All Aboard America! Holdings. Profits rose 176.2% to $58 million.
• Oil prices settled lower Tuesday, snapping a three-session rally as traders continued to assess demand ahead of fresh U.S. inventory data due this week.
• The Dow has closed up by 0.02%, the S&P 500 closed up by 0.16%, and the NASDAQ ended higher by 0.16%.
• Hang Seng is up by 0.43%, and FTSE 100 is up by 0.21%.

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