Mid-Market: S&P/ASX 200 Sharply Lower By 1.00%; All 11 Sectors Are Trading Lower

On 25 August 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is sharply lower today, declining 72.10 points or 1.00%, and is currently trading at 7,110.60 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Materials sectors are the top 2 losing sectors, declining 3.77% and 1.43% in their index values.

Lovisa Holdings Limited (ASX: LOV) and Wesfarmers Limited (ASX: WES) are the top-gaining stocks, gaining 3.721% and 2.650% in their stock prices. On the other hand, Pilbara Minerals Limited (ASX: PLS) and Whitehaven Coal Limited (ASX: WHC) are the top-losing stocks and are declining by 8.415% and 6.503% in their stock prices.

Factors influencing the market-

• Wesfarmers rallied after its $2.6 billion profit beat expectations. The group also lifted its total dividends to $1.91, an increase of 6.1%.
• Insurance group IAG fell as two of its subsidiaries are being sued by the Australian Securities and Investments Commission (ASIC) for having misled customers about the loyalty discounts available for certain types of home insurance.
• Ardent Leisure’s shares are jumping after it trimmed its loss by 71% to $17 million, and it is also planning to buy back 48 million of its shares.
• Oil prices moved little today, coming under pressure from a stronger dollar as traders hunkered down ahead of more cues on U.S. monetary policy from the Federal Reserve Chairman.
• Dow has closed down by 1.08%, the S&P 500 down by 1.35%, and NASDAQ ended lower by 1.87%.
• Hang Seng is up by 2.05%, and FTSE 100 is up by 0.18%.

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