ASX/200 Closed Lower by 0.23%, Dragged down by Materials

By the end of the trading session on 16 July 2024, the benchmark index S&P/ASX 200 ended Lower by 0.23% and settled at 7,999.83. Out of 11 sectors, 03 sectors closed higher today along with the S&P/ASX 200 Index.

A-REIT and Industrials are the top-gaining sectors, gaining 0.72% and 0.22% in their index value. Materials and Utilities are the top-loosing sectors, loosing 0.92% and 0.88% in their index value.

Lifestyle Communities Limited (ASX: LIC) and Iress Limited (ASX: IRE) are the top-gaining stocks, gaining 5.534% and 5.456% in their stock prices. On the other hand, Bellevue Gold Limited (ASX: BGL) and Aristocrat Leisure Limited (ASX: ALL) went down by 3.368% and 3.262% respectively are the top-losing stocks.

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Top gainer for the day:

• A-REIT (Up 0.72%)
• Industrials (Up 0.22%)

Top loser for the day:

• Materials (Down 0.92%)
• Utilities (Down 0.88%)

Other Factors influencing the market:

• The S&P 500 increased by 4.1 points, or 0.07%, to 5576.98, marking its 36th record close this year and the sixth consecutive day of gains, its longest winning streak since January. The Nasdaq Composite also closed at a new record high.
• Tesla shares surged by 3.7%, Nvidia rose by 2.5%, and Apple gained 0.4%, raising its market capitalization to AU$3.51 trillion.
• In his prepared remarks, Jerome Powell highlighted, "Elevated inflation is not the only risk we face. Reducing policy restraint too late or too little could unduly weaken economic activity and employment."
• Ryan Sweet from Oxford Economics commented, "We’re increasingly confident in our forecast that the Fed will cut rates in September."
• Incitec Pivot's shares dropped by 1.2% after halting negotiations with Indonesia’s PT Pupuk Kalimantan Timur regarding the sale of its fertilizers business. The company announced it will continue to manage its explosives business, Dyno Nobel, and fertilizers business separately. In the short term, Incitec Pivot plans to proceed with an AU$900 million stock buyback.
• Bell Financial's shares surged by 4.8% following the announcement that its first-half profit before tax is projected to rise by 47% to AU$23.8 million.
• Insignia Financial's shares fell by 8% after the company denied engaging Citi bankers while private capital firms consider its potential as a target for mergers and acquisitions.
• Oil prices edged higher as signs of another inventory draw in the US eclipsed uncertainty on the timeline for interest rate cuts from the US Federal Reserve, with Brent Crude at AU$119.40 per barrel (+1.5%) and WTI Crude at AU$112.00 per barrel (+1.3%)..
• The Dow has closed higher by 0.53%, the S&P 500 closed higher by 1.83%, and the NASDAQ ended higher by 0.42%.
• Hang Seng is trading flat, and FTSE 100 is down by 1.53 %.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:           

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