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The S&P/ASX 200 Index (ASX:XJO) is making modest gains near midday, up 0.3% to 7,976 points. This uptick comes after a challenging session on Wednesday, which saw the index experience its worst performance in over a month. The decline was attributed to disappointing US manufacturing data, which raised concerns about the economic outlook.
Market Movements
Energy giant Woodside Energy Group Ltd (ASX:WDS) is weighing on the index, with its shares dropping 6.2% to $25.35. The decline follows a downgrade and recent pressure from falling oil prices. Additionally, Woodside is trading ex-dividend today, further impacting its share price.
Overnight, US stocks showed a downward trend, with attention turning to the upcoming US payrolls report for August, scheduled for release at 10:30 p.m. AEST. This report is expected to influence the US Federal Reserve's decision on interest rates. Analysts are anticipating potential adjustments of 25 or 50 basis points. Later today, Reserve Bank of Australia Governor Michele Bullock will also make a public address.
Key Stocks in Focus
NextDC Ltd (ASX:NXT) is leading the gains on the ASX 200, with shares climbing 8% to $17.38. The boost follows growing investor interest in data centers, fueled by a significant $23 billion buyout of AirTrunk, a major player in the sector. Notably, NextDC has not released any new information to the market, but the sector's strong performance is driving the stock higher.
Santos Ltd (ASX:STO) is seeing a slight decline of 0.5%, with shares at $7.04. The drop is related to the upcoming appointment of former Woodside CFO Sherry Duhe to the same role at Santos, effective mid-October.
TPG Telecom Ltd (ASX:TPG) has experienced a modest increase of 0.4%, trading at $4.90. The company's shares are benefiting from regulatory approval for a network-sharing agreement with Optus (ASX:OPT), which is expected to expand TPG’s coverage in regional areas.
Coronado Global Resources Inc (ASX:CRN) has faced a significant downturn, with shares falling 16% to 92 cents. The coal miner has reported production setbacks due to heavy rainfall at its Bowen Basin operations in Central Queensland, affecting its FY24 output.
Challenger Ltd (ASX:CGF) has seen its shares decline by 11.6%, dropping to $6.19. This decline follows the sale of a 10% stake by US-listed Apollo Global Management, impacting the annuities and fund manager's stock.
Star Entertainment Group Ltd (ASX:SGR) remains in a trading halt as the casino operator continues negotiations with lenders. There are no updates available, leaving shares suspended from trading.
The ASX 200 is navigating mixed market conditions, with technology and real estate stocks driving gains, while energy and financial stocks face challenges.
