ASX up 0.4%: Utilities rises by over 2%

Market Reports

by Peter Milios

The S&P/ASX 200 rose by 0.4% by almost midday, with gains from Cochlear and AGL being counteracted by a decline in REA Group. Cochlear saw a notable 6% increase to $308.52 following an upward revision of its profit guidance for the financial year 2024, attributed to its successful direct-to-consumer strategy, while AGL's strong performance led the utilities sector to be the top performer, up 2.2%, despite a decline in communication services, down 0.3% due to a significant fall in REA Group shares.

The SPI futures are pointing to a rise of 14 points.

Best and worst performers

The best-performing sector is Utilities, up 2.32 per cent. The worst-performing sector is Energy, down 0.8 per cent.

The best-performing large cap is AGL Energy (ASX:AGL), trading 12.22 per cent higher at $8.96. It is followed by shares in Cochlear (ASX:COH) and Meridian Energy (ASX:MEZ).

The worst-performing large cap is REA Group (ASX:REA), trading 3.63 per cent lower at $177.44. It is followed by shares in ResMed (ASX:RMD) and EBOS Group (ASX:EBO).

Commodities and the dollar

Gold is trading at US$2052.60 an ounce.

Iron ore is 0.4 per cent higher at US$126.00 a tonne.

Iron ore futures are pointing to a 1.80 per cent rise.

One Australian dollar is buying 65.21 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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