Mid-Market: S&P/ASX 200 Trading Higher; Mirroring US Market Gains

On 03 June 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 62.40 points or 0.81%, and is currently trading at 7,764.10 levels. Out of 11 sectors, 9 sectors are trading higher along with the gain in the S&P/ASX 200.

The Utilities and Materials sectors are the top 2 gaining sectors, gaining 1.69% and 1.10% in their index values. On the other hand, Information Technology and Telecommunication Services sectors are the top 2 declining sectors, declining 0.21% and 0.15% in their index values.

Coronado Global Resources Inc. (ASX: CRN) and Champion Iron Limited (ASX: CIA) are the top-gaining stocks, gaining 4.484% and 4.115% in their stock prices. On the other hand, Lovisa Holdings Limited (ASX: LOV) and Premier Investments Limited (ASX: PMV) are the top-losing stocks and are declining by 6.164% and 2.130% in their stock prices.

Factors influencing the market-

• Australian share market is gaining at the starting of the June month, adding to strong gains in the previous session as traders continue to unwind a sell-off that has gripped the index for much of the last two weeks.
• APM Human Services is trading higher after the company is set to be bought out by Chicago’s Madison Dearborn Partners for $1.45 per share.
• Fletcher Building is gaining today following it has extended the maturity date for a large debt facility as it positions for tougher times in the industry.
• Oil prices trading higher after OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.
• The Dow has closed up by 1.51%, the S&P 500 closed up by 0.80%, and the NASDAQ ended lower by 0.01%.
• Hang Seng is down by 0.83%, and FTSE 100 is up by 0.54%.

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