S&P/ASX 200 Closed Higher by 0.50%, Lifted by Information Technology

By the end of the trading session on 23 July 2024, the benchmark index S&P/ASX 200 ended Higher by 0.50% and settled at 7971.10. Out of 11, 9 sectors ended higher along with the S&P/ASX 200.

Information Technology and Health Care are the top-gaining sectors, gaining 1.62% and 1.37% in their index value. Energy and Materials are the top-loosing sectors, loosing 2.03% and 0.45% in their index value.

Polynovo Limited (ASX: PNV) and Insignia Financial Ltd (ASX: IFL) are the top-gaining stocks, gaining 7.833% and 6.800% in their stock prices. On the other hand, Woodside Energy Group Ltd (ASX: WDS) and Emerald Resources NL (ASX: EMR) went down by 3.742% and 3.536% respectively are the top-losing stocks.

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Top gainer for the day:

• Information Technology (Up 1.62 %)
• Health Care (Up 1.37%)

Top loser for the day:

• Energy (Down 2.03%)
• Materials (Down 0.45%)

Other Factors influencing the market:

• Tuesday's local tech sector was boosted by a rush back into megacap tech companies in the US ahead of this week's reports from industry heavyweights.
• After dropping over 7% the previous week, Nvidia surged by 4.8%, while Tesla had a 5.2% increase. The Blackrock Investment Institute's global head investment strategist, Wei Li, stated that the IT sector's sell-off last week offered "an opportunity to lean into" the industry.
• The biggest drag on the index was Woodside, which dropped 3.7% to AU$27.53 after its June quarterly production revenue missed most analysts' estimates.
• Following the announcement of a mineral resources upgrade at its Dalgaranga gold project in Western Australia, shares of Spartan Resources saw a 23.6% increase to AU$1.23.
• Following the upgrade of the company to a neutral rating by Citi analysts, Insignia Financial saw a 6.8% increase to AU$2.607.
• Developers of burn treatments Polynovo saw a 7.9% surge in shares to AU$2.60 after reporting a 57.5% increase in sales for the 2024 fiscal year, partly attributable to "the enormous" demand for the company's product in developing and conflict-ridden nations.
• Oil prices fell in the previous session to their lowest level in over a month, as investors looked past U.S. President Joe Biden's decision to end his reelection bid and focused on rising stockpiles and signs of weak demand.
• The Dow has closed up by 0.32%, the S&P 500 closed up by 1.08%, and the NASDAQ ended higher by 1.58%.
• Hang Seng is up by 1.25%, and FTSE 100 is down by 0.53%.

Top 5 Gainers and Losers Scoreboard

90-Day Average Volume Outlier:

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