Mid-Market: S&P/ASX 200 Trading Lower; Incitec Pivot Declines

On 10 July 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 47.00 points or 0.60%, and is currently trading at 7,782.70 levels. Out of 11 sectors, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Telecommunication Services sector is the top gaining sector, gaining 0.24% in its index value. On the other hand, Materials and Information Technology sectors are the top 2 declining sectors, declining 0.94% and 0.78% in their index values.

Megaport Limited (ASX: MP1) and The Star Entertainment Group Limited (ASX: SGR) are the top-gaining stocks, gaining 2.467% and 2.040% in their stock prices. On the other hand, Insignia Financial Ltd (ASX: IFL) and IGO Limited (ASX: IGO) are the top-losing stocks and are declining by 6.400% and 3.363% in their stock prices.

Factors influencing the market-

• Incitec Pivot Limited’s shares slumped after it ceased negotiations with Indonesia’s PT Pupuk Kalimantan Timur for the sale of its fertilisers business. The company said that it would continue to manage its explosives business Dyno Nobel and fertilisers businesses separately.
• Bell Financial Group Limited’s share rallied following an announcement that it’s expecting its first-half profit before tax to increase 47% to AU$23.8 million.
• 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.
• The Dow has closed down by 0.13%, the S&P 500 closed up by 0.07%, and the NASDAQ ended higher by 0.15%.
• Hang Seng is trading flat, and FTSE 100 is down by 0.66%.

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