ASX/200 Closed Higher by 0.86%, Lifted by Information Technology

By the end of the trading session on 29 July 2024, the benchmark index S&P/ASX 200 ended Higher by 0.86% and settled at 7989.60. All 11 sectors ended higher along with the S&P/ASX 200.

Information Technology and Telecommunication are the top-gaining sectors, gaining 1.53% and 1.40% in their index value.

The Star Entertainment Group Limited (ASX: SGR) and Nufarm Limited (ASX: NUF) are the top-gaining stocks, gaining 14.704% and 5.180% in their stock prices. On the other hand, Fletcher Building Limited (ASX: FBU) and Boss Energy Ltd (ASX: BOE) went down by 5.981% and 4.408% respectively are the top-losing stocks.

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Top gainer for the day

• Information Technology (Up 1.53%)
• Telecommunication (Up 1.40%)

Other Factors influencing the market:

• The Australian share market saw a surge on Monday due to a strong performance in interest-sensitive technology and real estate firms. This comes as investors prepare for a busy week of central bank policy meetings.
• The best-performing ASX equities were interest rate-sensitive technology stocks, which increased 1.5%. WiseTech rose 2.2% to AU$95.46 while Xero increased 1.2% to AU$134.14. Additionally, property stocks increased as Vicinity Centers added 1% to AU$2.03 and Goodman Group increased 2.1% to AU$35.23.
• Three of the four largest banks saw increases, with Commonwealth Bank—the index heavyweight—gaining 1.3% to AU$134.90. National Australia Bank gained 1.3% to AU$37.90 while Westpac rose 1.4% to AU$28.99. The only significant bank to experience a dip was ANZ, which dropped 1.2% to AU$28.82.
• More volatility is predicted after Monday's comparatively calm day as investors prepare for this week's central bank policy decisions from the US, the UK, and Japan as well as important Australian quarterly inflation data that might determine whether the Reserve Bank must raise rates next week.
• In business news, Fletcher Building saw a 6% decline to AU$2.83 on a warning that operational problems with a third-party supplier that transports cement from its manufacturing site will cause NZ$30 million (AU$26.9 million) damage to financial year 2025 earnings.
• Following receipt of a new bid from Genesis Capital to purchase all of the shares for AU$1.90 apiece, Pacific Smiles Group saw a 1.9% increase to AU$1.88. According to the new plan, shareholders would have the option to receive all or part of their consideration in scrip.
• Adore Beauty had a 3.2% increase in share price to AU$1.88 on the announcement that Sacha Laing, the former CEO of General Pants, will be joining the company as CEO. He has also held executive positions with David Jones and Country Road.
• Oil prices fell to their lowest level in over a month, with Brent crude at AU$116.78 and WTI crude at AU$111.05, amid rising stockpiles and signs of weak demand.
• The Dow has closed up by 1.64%, the S&P 500 closed up by 1.11%, and the NASDAQ ended higher by 1.03%.
• Hang Seng is up by 1.37%, and FTSE 100 is Up by 0.58%.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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