ASX/200 Closed Higher by 0.14%, Lifted by Industrials

By the end of the trading session on 08 May 2024, the benchmark index S&P/ASX 200 ended higher by 0.14% and settled at 7,804.50. Out of 11 sectors, 07 sectors closed higher along with the ASX 200.

Industrials and Information Technology sectors were the top-gaining sectors, gaining 0.73% and 0.59% respectively in their index values. On the other hand, Consumer Discretionary and Materials sectors were the top-lossing sectors, lossing 0.36% and 0.14% respectively in their index values.  

Polynovo Limited (ASX: PNV) and Pinnacle Investment Management Group Limited (ASX: PNI) are the top-gaining stocks, gaining 8.018% and 6.683% in their stock prices. On the other hand, Perpetual Limited (ASX: PPT) and Domain Holdings Limited (ASX: DHG) are the top-losing stocks and are declining by 7.078% and 3.670% in their stock prices.

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Top gainer for the day:

• Industrials (Up 0.73%)
• Information Technology (Up 0.59%)

Top loser for the day:

• Consumer Discretionary (Down 0.36%)
• Materials (Down 0.14%)

Other Factors influencing the market:

• Sydney-based Perpetual saw the biggest decline on the benchmark index, with shares falling by 7% to $22.32 following the board's agreement to sell its trustee and advice business to Kohlberg Kravis Roberts for $2.18 billion.

• Perpetual's $227 billion asset management business in Australia and the US will be separated as part of the deal, expected to be finalized in February pending shareholder approval.
• Pinnacle Investments, an asset management firm, experienced a significant increase in share value, rising by 6.7% to $12.61 after announcing a 6% growth in affiliates' funds under management to $106 billion for the March quarter.
• According to National Australia Bank and Deutsche Bank forecasts, the Australian dollar is anticipated to reach US70¢ by the end of the year.
• The Dow closed with a slight increase of 0.08%, the S&P 500 rose by 0.13%, while the NASDAQ ended lower by 0.10%.
• The Hang Seng index experienced a decline of -0.82%, while the FTSE 100 index saw a rise of 1.22% during the day.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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