Mid-Market: S&P/ASX 200 Sharply Lower; BHP Declined More Than 3%

On 23 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 80.50 points or 1.03%, and is currently trading at 7,767.10 levels. Out of 11 sectors, 8 sectors are trading lower along with the decline in the S&P/ASX 200.

The Information Technology and Healthcare sectors are the top 2 gaining sectors, gaining 1.89% and 0.74% in their index values. On the other hand, Materials and Energy sectors are the top 2 declining sectors, declining 2.20% and 1.45% in their index values.

Xero Limited (ASX: XRO) and Inghams Group Limited (ASX: ING) are the top-gaining stocks, gaining 7.548% and 3.333% in their stock prices. On the other hand, Nufarm Limited (ASX: NUF) and Bellevue Gold Limited (ASX: BGL) are the top-losing stocks and are declining by 6.582% and 6.065% in their stock prices.

Factors influencing the market-

• Australian shares are declining today, tracking Wall Street lower after the latest US Federal Reserve policy meeting minutes signaled concern about a lack of progress in cooling inflation.
• Origin Energy Limited’s shares are rising after delaying the closure of its Eraring power station in New South Wales following a new deal with the state’s government.
• Nufarm has dropped more than 10% after the company posted shrinking profits and falling revenue in the face of “challenging conditions” in its latest half-year report.
• Oil prices eased for a fourth straight day today on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.
• The Dow has closed down by 0.51%, the S&P 500 closed down by 0.27%, and the NASDAQ ended lower by 0.18%.
• Hang Seng is down by 0.13%, and FTSE 100 is down by 0.55%.

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