ASX 200 is in the red zone; Energy and material sectors are top losers

ASX 200 is lower at AEST 11:34 AM today. The benchmark index dropped 1.72% to 6,461.40. Thus, setting a new 20-day low. Out of 11 sectors, 9 sectors are trading in the red zone. Energy and material sectors are the top two worst performers with significant drop of 6.13% and 4.575, respectively. On the other hand, healthcare and consumer staples are two sectors in the green zone currently and have recently bounced back from its recent decline.

Resmed Inc (ASX: RMD) and CSL LIMITED (ASX: CSL) are the top gainers on ASX 200 with 1.997% and 1.546% growth in the share prices. On the other hand, Costa Group Holdings Limited (ASX: CGC) and Whitehaven Coal Limited (ASX: WHC) were the top losers with significant drop of 13.780% and 9.566% in their share prices, respectively.

Factors influencing the market:

1. Costa Group’s shares tumbled following the resignation of its CEO.
2. Oil prices are near its eight months low after significant drop in last week. Market fears that the slowing global activity could impact the demand for crude oil.
3. NASDAQ Composite, NASDAQ-100, S&P 500, RUSSELL 2000 Dow Industrial ended lower in its previous trading sessions.
4. The pound tumbled over 4.5% to a record low after Kwasi Kwarteng indicated of possible tax cuts.
5. Most stocks ended lower as the fear of faster inflation and global recession continue to increase.
6. The Hang Seng is down -0.25%, and the FTSE 100 is down -1.97% today.

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