Mid-Market: S&P/ASX 200 Trading Sharply Higher; As Powell Gives Green light On Rates

On 26 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 28.40 points or 0.35%, and is currently trading at 8,052.20 levels. Out of 11, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Utilities sectors are the top 2 gaining sectors, gaining 1.25% and 0.76% in their index values. On the other hand, Healthcare and Consumer Staples sectors are the top 2 declining sectors, declining 0.20% and 0.12% in their index values.

Deep Yellow Limited (ASX: DYL) and Boss Energy Ltd (ASX: DYL) are the top-gaining stocks, gaining 13.500% and 12.027% in their stock prices. On the other hand, Kelsian Group Limited (ASX: KLS) and Endeavour Group Limited (ASX: EDV) are the top-losing stocks and are declining by 17.765% and 2.170% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is gaining today after US Federal Reserve chairman declared the much-anticipated interest rate cuts are near to hand.
• Adore Beauty is rising, swinging back into the black posting a full year net profit of $2.2 million from a loss $559,000 loss a year ago.
• NIB holdings Limited’s shares slumped 11% after the company reported a 67.4% increase in full-year net profit to $181.6 million and a 9.3% rise in group revenue to $3.3 billion.
• Oil prices extended gains on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
• The Dow has closed up by 1.14%, the S&P 500 closed up by 1.15%, and the NASDAQ ended higher by 1.47%.
• Hang Seng is down by 0.16%, and FTSE 100 is up by 0.48%.

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