Mid-Market: S&P/ASX 200 Sharply Lower; Dragged Down By Mining Stocks

On 11 June 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 83.50 points or 1.06%, and is currently trading at 7,776.50 levels. Out of 11 sectors, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy sector is the only gaining sector, gaining 0.32% in its index value. On the other hand, Materials and A-REIT sectors are the top 2 declining sectors, declining 1.62% and 1.61% in their index values.

Bapcor Limited (ASX: BAP) and Strike Energy Limited (ASX: STX) are the top-gaining stocks, gaining 11.009% and 6.578% in their stock prices. On the other hand, West African Resources Limited (ASX: WAF) and Emerald Resources Limited (ASX: EMR) are the top-losing stocks and are declining by 10.098% and 8.901% in their stock prices.

Factors influencing the market-

• Australian shares slumped more than 1% today, tracking losses in Europe after far-right parties fared better than expected in weekend elections with investors cautious ahead of key US inflation data and policy meeting this week.
• AGL Energy fell 1.5 per cent after it announced it will spend $300 million over the next four years after signing a partnership with OVO’s Kaluza smart energy platform. It will also take a 20 per cent direct stake in Kaluza.
• Australian bond yields jumped, tracking US Treasuries after Friday’s strong job report poured cold water on hopes of rate cuts by the Federal Reserve.
• Oil prices climbed about 3% to a one-week high in the previous session, buoyed by hopes of rising fuel demand this summer despite a stronger U.S. dollar and expectations that the U.S. Federal Reserve will leave interest rates higher for longer.
• The Dow has closed up by 0.18%, the S&P 500 closed up by 0.26, and the NASDAQ ended higher by 0.35%.
• Hang Seng is down by 0.59%, and FTSE 100 is down by 0.20%.

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