Market Report: August 15 [Video]

The ASX 200 saw modest gains today, closing 0.12% higher, despite giving up some of its morning momentum. Over the past five days, the index has gained 2.39%, now sitting just under 3.5% below its 52-week high. The Telco sector led with a 1.91% increase, while Industrials rose by 1%. However, the Utilities sector pulled the market down, falling by over 4%. The decline was largely attributed to Origin Energy’s disappointing FY24 earnings and higher-than-expected costs in its energy markets business, which caused a 9.72% drop in the company’s shares, now trading at $9.57.

In broader economic news, Australia’s strong labour market continues to challenge efforts to reduce inflation. Although the unemployment rate increased slightly to 4.2%, job growth surpassed expectations, with 58,200 new jobs added.

Back on the ASX, top-performing stocks included NRW Holdings Limited, which surged 9.72% to $3.50 per share, and Magellan Financial Group, which gained 7.63%.

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