Mid-Market: S&P/ASX Tradind Low; Dragged down by Utilities

On 21 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, dropping 37.40 points, or 0.47%, to 7960.30. Out of 11 sectors, 08 sectors are trading lower. Financial And Health Care are the top declining sectors, 0.47% and 0.37% in their index values, respectively. On the other hand, Industrials and A-REIT are the top two gaining sectors, gaining 1.47% and 0.55% in their index values, respectively.

Wisetech Global Limited (ASX: WTC) and Charter Hall Group (ASX: CHC) are the top-gaining stocks, with stock prices increasing by 7.830% and 4.390%, respectively. Corporate Travel Management Limited (ASX: CTD) and Monadelphous Group Limited (ASX: MND) are the top-losing stocks, with stock prices declining by 9.673% and 6.596%, respectively.

Factors influencing the market-

• The S&P/ASX 200 index might have broken its eight-day winning streak after dropping 0.4%, or 34.7 points, to 7963.
• The tech sector saw a 14% increase thanks to WiseTech, whereas seven out of eleven sectors saw declines, with energy leading the losses.
• Santos saw a 3.6% loss in corporate earnings due to a decline in first-half underlying profit, while Domino's Pizza saw a 5% decline due to a decline in same-store sales. Both Brambles and Breville had notable increases, with Brambles reaching a record high.
• Despite forecasts for strong growth, IAG declined 2.3%, while Fletcher Building plummeted 4.4% on their loss announcement. Scentre Group saw a minor 0.4% increase due to impressive profit figures.
• Superloop surged 7.2% following its prediction of robust earnings growth. Cleanaway Waste Management saw a 2% gain in profit on increasing revenue, and Service Stream saw a 36.4% increase in profit, triple its dividend.
• Brent Crude oil prices fell by 0.7%, closing at AU$120.44 per barrel. The decline is driven by concerns over a global economic slowdown and weaker demand, particularly in key industrial regions.
• The Dow Jones closed down by 0.15%, with the S&P 500 and NASDAQ decreasing by 0.20% and 0.33% respectively. 
• The Hang Seng is flat, and the FTSE 100 is lower by 1.00% today.

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