Mid-Market: S&P/ASX 200 Trading Flat; Block Inc Is Declining By More Than 10%

On 07 August 2023, at AEST 11:10 AM, the benchmark index S&P/ASX 200 is trading flat today, and is currently trading at 7,324.80 levels. Out of 11 sectors, 5 sectors are trading higher and 6 sectors are trading lower.

The A-REIT and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 0.77% and 0.27% in their index values. On the other hand, the Healthcare and Financial sectors are the top 2 losing sectors, declining 0.70% and 0.37% in their index values.

Pilbara Minerals Limited (ASX: PLS) and Liontown Resources Limited (ASX: LTR) are the top-gaining stocks, gaining 4.108% and 3.649% in their stock prices. On the other hand, Block Inc. (ASX: SQ2) and Resmed Inc. (ASX: RMD) are the top-losing stocks and are declining by 10.757% and 4.984% in their stock prices.

Factors influencing the market-

• Oil prices extended gains today to reach their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets and support prices further.
• Block Inc. and Resmed Inc. are declining after reporting their results on Friday.
• Pilbara Minerals Limited’s share price is rising following announcing a “substantial increase” in mineral resources at its Pilgangoora operation.
• Domain Holdings fell after the news that its chief financial officer John Boniciolli will leave the company to become CFO of TPG Telecom.
• Dow has closed down by 0.43%, S&P 500 down by 0.53%, and NASDAQ ended lower by 0.36%.
• Hang Seng is up by 0.61%, and FTSE 100 is up by 0.47%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com