Mid-Market: S&P/ASX 200 Marginally Lower By 0.05%; Dragging Down By Materials And Energy Sectors

On 12 May 2023, at AEST 11:12 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 3.60 points or 0.05%, and is currently trading at 7,248.30 levels. Out of 11 sectors, 8 sectors are trading higher despite the decline in the S&P/ASX 200.

The Healthcare and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 1.29% and 0.45% in their index values. On the other hand, the Materials and Energy sectors were the top 2 losing sectors, declining 1.39% and 0.73% in their index values.

News Corporation (ASX: NWS) and Lake Resources N.L. (ASX: LKE) are the top-gaining stocks, gaining 4.959% and 4.347% in their stock prices. On the other hand, Sandfire Resources Limited (ASX: SFR) and QBE Insurance Limited (ASX: QBE) are the top-losing stocks and are declining by 5.077% and 4.552% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading marginally lower as losses in miners, and energy countered gains in healthcare and consumer discretionary.
• News Corporation is one of today's top gaining stock, despite earnings declining 11% to US$320 million in the March quarter due to a dull advertising market, increasing costs, and lower property prices.
• QBE Insurance's share is declining after damage from U.S. storms and Australian flooding last year caused the company an additional AU$190 million profit hit.
• Gold prices stabilized today after reversing all their gains this week as sticky U.S. inflation data saw markets reassess their expectations for rate cuts from the Federal Reserve.
• Dow has closed down by 0.66%, S&P 500 down by 0.17%, and NASDAQ ended higher by 0.18%.
• Hang Seng is down by 0.09%, and FTSE 100 is down by 0.14%.

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