ASX/200 Closed Higher by O.12%, Lifted by Utilities

By the end of the trading session on 19 August 2024, the benchmark index S&P/ASX 200 ended Higher by 0.12% and settled at 7980.40. Out of 11 Sectors, 4 ended higher along with the S&P/ASX 200.

Utilities and financial are the top-gaining sectors, gaining 1.67% and 0.82% in their index value. Consumer Staples and Materials are the top-loosing sectors, losing 0.83% and 0.59% in their index value.

Audinate Group Limited (ASX: AD8) and Emerald Resources Nl (ASX: EMR) are the top-gaining stocks, gaining 19.894% and 3.394% in their stock prices. On the other hand, The A2 Milk Company Limited (ASX: A2M) and Paladin Energy Ltd (ASX: PDN) went down by 18.688% and 5.799% respectively are the top-losing stocks.

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Top gainer for the day:

• Utilities (Up 1.67%)
• Financial (Up 0.82%)

Top loser for the day:

• Consumer Staples (Down 0.83%)
• Materials (Down 0.59%)

Other Factors influencing the market:

• The Australian sharemarket edged higher on Monday in a subdued trading session, driven by investor focus on a flurry of profit results that hit the ASX.
• AMP Head of Investment Strategy, Shane Oliver, noted that the market "managed to grind higher as the day wore on" after a soft start, with earnings taking centre stage in the absence of significant macro data.
• The local bourse rallied over 2% last week as profits broadly met forecasts. This week, major retailers and discretionary brands like Domino’s Pizza and Breville are expected to clarify consumer sentiment and the impact of higher interest rates.
• Utilities stocks led gains, rising 1.7%. Origin surged 2.5% to AU$ 9.90, and AGL increased by 1.8% to AU$ 11.98.
• Gold stocks were buoyant, with Newmont and Northern Star climbing 1.1% to AU$74.90 and 1.7% to AU$14.44, respectively, as gold hit a record above US$2500 a tonne.
• Despite a 2.6% recovery in iron ore futures in Singapore, Fortescue dropped 1.9% to AU$17.01.
• The consumer staples sector was the worst performer, down 0.9%. Shares of a2 Milk plunged 18.7% to AU$ 5.70 due to challenging trading conditions in China and expected further market value decline in FY25.
• Westpac rallied 2.5% to AU$30.40 after posting an AU$1.8 billion unaudited net profit for the three months to June 30, up 6% on its average quarterly return in the first half.
• Suncorp rose 1.3% to AU$17.41, with full-year net profit up 12% to AU$1.2 billion, leading to a fully franked annual dividend of 78¢.
• Ampol's shares dropped 4.8% to AU$30.54 after slashing its interim dividend by more than a third, reporting a 29% fall in benchmark profit to AU$233.7 million for the half-year to June 30.
• Lendlease slipped 0.8% to AU$6.30, reporting a 10% revenue decrease to AU$9.4 billion for fiscal 2024, with losses deepening to AU$1.5 billion.
• BlueScope lost 3.1% to AU$19.89 as full-year sales revenue dropped 6% to AU$17 billion, and underlying net profit fell 22% to AU$860.7 million.
• Nuix surged 25.5% to AU$ 4.38 after reporting an AU$ 5 million profit, nearly recovering its share price losses since its December 2020 float.
• Reece Group fell 3.9% to AU$26.04 despite an 8% rise in full-year net profit to AU$ 419.2 million, as renovators reduced spending in a tough market.
• Brent Crude down 0.20% to $79.52 and West Texas Intermediate (WTI) Crude down 0.14% to $76.54—are expected to put pressure on Australian energy equities and increase market uncertainty.
• The Dow Jones closed up by 0.24%, with the S&P 500 and NASDAQ increasing by 0.20% and 0.21% respectively. 
• The Hang Seng is flat, and the FTSE 100 is lower by 0.43% today.

Top 5 Gainers and Losers Scoreboard

90-Day Average Volume Outlier:

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