ASX 200 moves up despite weak global cues

At AEST 11:52, benchmark index ASX 200 is up 1.16% and is positioned at 7,146.20 level. Out of 11 sectors, 10 are trading in the green zone. The Information Technology and Consumer Discretionary sectors are the top two gainers with a growth of 3.88% and 1.97% in their index values, respectively.

On the other hand, the Energy sector is the top loser with a 0.96% drop in the index value.

Novonix Limited (ASX: NVX) and Chalice Mining Limited (ASX: CHN) are the top two gainers, while Unibail-Rodamco-Westfield (ASX: URW) and Nufarm Limited (ASX: NUF) are the top losers.

Factors influencing the market:

• Iran’s crude oil export to China has dropped significantly since the start of Moscow’s war in Ukraine. The US and European sanctions over Moscow’s attack on Ukraine have pushed Russian oil towards the east.
• Many players from the Information Technology sector witnessed significant growth in their share prices. Life360 Inc, Zip Co Limited, and Altium Limited are three players with over 5% growth in their share prices.
• The Hang Seng is up 2.35%, and the FTSE 100 is down 1.82% today.
• NASDAQ Composite, NASDAQ-100 and Dow Industrials ended in the red zone on Thursday 19 May 2022, driven by the inflation induced earning hits.

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