S&P/ASX 200 Trading Higher By 1.69%; All Sectors Are Trading Higher

On 20 July 2022, at AEST 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 112.10 points or 1.69%, and is currently trading at 6,761.70 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Materials sectors are the top 2 gaining sectors, gaining 4.18% and 2.44% in their index values.

Megaport Limited (ASX: MP1) and Zip Co Limited (ASX: ZIP) are the top gaining stocks, gaining 20.401% and 11.016% in their stock prices. On the other hand, Perseus Mining Limited (ASX: PRU) and Pendal Group Limited (ASX: PDL) are the top losing stocks and are declining 2.396% and 2.258% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 extended a global rally as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift sentiment and ease fears of a recession, while the dollar was mired near two-week lows.
• Australian Technology stocks rocketed at the open after the NASDAQ composite roared 2.9% higher overnight. The sector added 4% as shares in Megaport rose 28%, Brainchip climbed 8.1%, and Life360 added 7.4%.
• Megaport Limited’s share price gained following the company announced fourth-quarter revenue of $30.6 million, a 10% improvement on Q3.
• Oil prices fell slightly amid pressure from global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens.
• Dow has closed up by 2.2%, S&P 500 up by 2.7%, and NASDAQ closed higher by 2.9%.
• Hang Seng is up by 1.74%, and FTSE 100 is up by 1.01%.

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