ASX/200 Closed Higher by O.31%, Lifted by HealthCare

By the end of the trading session on 14 August 2024, the benchmark index S&P/ASX 200 ended Higher by 0.31% and settled at 7850.70. Out of 11 Sectors, 9 ended higher along with the S&P/ASX 200.

Health Care and Information Technology are the top-gaining sectors, gaining 1.68% and 1.59% in their index value. Materials and Energy are the top-losing sectors, losing 1.87% and 0.034% in their index value.

Strike Energy Limited (ASX: STX) and Pro Medicus Limited (ASX: PME) are the top-gaining stocks, gaining 8.823% and 7.151% in their stock prices. On the other hand, Mineral Resources Limited (ASX: MIN) and Fortescue Ltd (ASX: FMG) went down by 4.632% and 4.626% respectively are the top-losing stocks.

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Top gainer for the day:

• Health Care (Up 1.68%)
• Information Technology (Up 1.59%)

Top loser for the day:

• Materials (Down 1.87 %)
• Energy (Down 0.034%)

Other Factors influencing the market:

• The Australian sharemarket rose on Wednesday, driven by strong results from Pro Medicus and Seven Group Holdings during a busy week of company reporting.
• Health stocks climbed 1.7 per cent, with Pro Medicus rallying 7.2 per cent after posting a net profit of AU$82.8 million for the 12 months to June 30, representing a 36.5 per cent increase compared to the previous year.
• The industrials sector was led by Seven Group Holdings, which advanced 6.8 per cent following a positive FY25 outlook, expecting high single-digit earnings before interest and taxes growth for FY25.
• In commodities, iron ore futures in Singapore fell by 2.4 per cent to $US96.20 a tonne by late afternoon, as Chinese steel mills continue to face slumping prices and weak demand. Mining giants BHP and Rio Tinto were impacted, with BHP down 2.8 per cent to AU$39.62 and Rio Tinto down 2.6 per cent to AU$112.43.
• The sharemarket was buoyed by a rally on Wall Street overnight, where the Nasdaq surged 2.4 per cent after the latest American inflation reading reinforced expectations of a US Federal Reserve rate cut next month.
• AGL Energy jumped 2.3 per cent to AU$11.06 after posting a turnaround in earnings, with underlying net profit rising to AU$812 million, up from AU$281 million in FY23. The figure narrowly beat AGL’s upgraded guidance from May.
• Commonwealth Bank added 1.3 per cent to AU$134.21 after reporting a AU$9.8 billion cash profit for the year to June 30, down 2 per cent from the previous year but exceeding market expectations.
• ASIC is suing ASX Ltd, Australia’s largest market operator, for allegedly making misleading statements regarding its Clearing House Electronic Subregister System (CHESS) replacement project. ASX shares dropped 3.7 per cent to AU$63.45.
• Orora rallied 5.3 per cent to AU$2.39 after reporting a revenue increase of 9.5 per cent to AU$4.29 billion. The company, which recently rejected a AU$3.3 billion buyout offer from private equity group Lone Star, also outlined a challenging outlook due to reduced orders from large customers in the spirits, wine, and beer industries.
• Evolution Mining shares surged 6.6 per cent to AU$4.06 after full-year profits nearly tripled, driven by a surge in the gold price due to geopolitical tensions in the Middle East and global economic uncertainties.
• Brent and U.S. crude oil futures fell in the previous session as traders grew less nervous about the potential for a wider war in the Middle East, with Iran yet to act on threats to retaliate on Israel for assassination of a Hamas official in Tehran.
• The Dow has closed up by 1.04%, the S&P 500 closed up by 1.68%, and the NASDAQ ended higher by 2.40%.
• Hang Seng is up by 0.36%, and FTSE 100 is up by 0.30%.

Top 5 Gainers and Losers Scoreboard

90-Day Average Volume Outlier:

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