ASX/200 Closed Higher by 0.21%, Lifted by Information Technology

By the end of the trading session on 22 August 2024, the benchmark index S&P/ASX 200 ended Higher by 0.21% and settled at 8027.00. Out of 11 sectors, 8 sectors closed higher along with the ASX 200.

Information Technology and Industrials are the top-gaining sectors, gaining 1.77% and 1.42% in their index value. Utilities and Financial were the top-losing sectors, losing 0.39% and 0.21% respectively in their index values.

Wisetech Global Limited (ASX: DYL) and Whitehaven Coal Limited (ASX: PDN) are the top-gaining stocks, gaining 7.770% and 6.250% in their stock prices. On the other hand, Megaport Limited (ASX: LTR) and Insignia Financial Ltd (ASX: GNC) went down by 20.950% and 15.700% respectively are the top-losing stocks.

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Top gainer for the day:

• Information Technology (Up 1.77%)
• Industrials (Up 1.42%)

Top loser for the day:

• Utilities (Down 0.39%)
• Financial (Down 0.21%)

Other Factors influencing the market:

• Shares added 0.3 per cent at lunchtime, aiming for their tenth consecutive session of gains, a feat not seen since 2015, driven by numerous earnings reports from corporate Australia.
• The technology sector is the best performer, up 1.5 per cent, led by WiseTech, which surged 7 per cent to a record high of AU$120.07. Sean Sequeira, Chief Investment Officer at Australian Eagle Asset Management, noted, “When a company confirms high growth with positive outlooks and a long growth runway, the market is willing to pay up. We've seen this with WiseTech, Pro Medicus, and Life360."
• However, companies not meeting expectations are being punished, with Collins Foods and Domino’s falling short due to cost inflation.
• Megaport shares plunged 15 per cent after missing profit expectations. UBS analyst Tim Plumbe expressed concerns over the slowdown in existing customer growth.
• Collins Foods dropped 12 per cent, warning of declining profit margins in FY2025 due to rising labour, energy, and store costs.
• G8 Education reported profit and earnings growth in the first half of 2024 but warned of tough times ahead, causing shares to sink 15.3 per cent to AU$1.24.
• Medibank’s net profit rose 14.1 per cent to AU$570.4 million in FY2024, with a dividend increase to 16.6¢. The insurer is targeting average organic profit growth of at least 15 per cent annually until FY2026 and is setting aside funds for potential deals.
• Bank of Queensland confirmed plans to cut 400 jobs, incurring a restructuring charge of AU$25 million to AU$30 million in FY2024.
• Super Retail reported record sales of AU$3.9 billion for the year ending June 29, a 2 per cent increase from the previous year. Gross margins improved by 10 basis points to 46.3 per cent, with the retailer declaring a special dividend of 50¢ per share.
• Northern Star doubled its underlying full-year net profit to AU$ 689 million and increased its dividend to 40¢.
• The Reject Shop reported a 35.9 per cent drop in net profit to AU$4.7 million, despite a 4.1 per cent increase in sales to AU$852.7 million in FY2024, blaming rising costs.
• Whitehaven Coal is selling a 30 per cent stake in the Blackwater mine to Nippon Steel for US$1.1 billion (AU$1.6 billion), with deal completion expected early next year.
• Beacon Lighting’s net profit decreased by 10.5 per cent to AU$30.1 million on sales up 3.6 per cent to AU$323.1 million in FY2024, citing ongoing cost inflation for the margin decline.
• Insignia reported an underlying net profit from continuing operations of AU$216.6 million, a 13.6 per cent increase, but paused its dividend.
• Oil prices around $80 per barrel are crucial to Santos' cash flow projections, influencing its investment strategies and shareholder returns.
• The Dow Jones closed up by 0.14%, with the S&P 500 and NASDAQ increasing by 0.42% and 0.57% respectively. 
• The Hang Seng is up by 0.61%, and the FTSE 100 is up by 0.12% today.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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