Mid-Market: S&P/ASX 200 Sharply Lower By 1.29%; Mirroring US Market

On 16 August 2023, at AEST 11:10 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 94.50 points or 1.29%, and is currently trading at 7,210.40 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Financials sectors are the top 2 losing sectors, declining 2.20% and 1.82% in their index values.

Lake Resources N.L. (ASX: LKE) and Bapcor Limited (ASX: BAP) are the top-gaining stocks, gaining 10.204% and 6.853% in their stock prices. On the other hand, Fletcher Building Limited (ASX: FBU) and Lifestyle Communities Limited (ASX: LIC) are the top-losing stocks and are declining by 9.468% and 6.143% in their stock prices.

Factors influencing the market-

• Dexus Limited’s shares dropped after swinging to a full-year statutory net loss after tax of $752.7 million, weighed down by hefty write-downs on its portfolio.
• Vicinity Centres Group is gaining after booking a statutory net profit of $271.5 million for its 2023 financial year, down from $1.21 billion.
• Bapcor Limited’s share price is rising following its full-year earnings margins in the retail arm slipped to 15.9% from 16.9% a year ago. Overall net profit after tax was down 15.4% to $106 million for the 12 months ended June 30, with revenues up 9.7% to $2.02 billion.
• Gold prices are flat today and are on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a Chinese economic slowdown and rising interest rates boosted the dollar.
• Dow has closed down by 1.02%, S&P 500 down by 1.16%, and NASDAQ ended lower by 1.14%.
• Hang Seng is down by 1.03%, and FTSE 100 is down by 1.57%.

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