Mid-Market: S&P/ASX 200 Trading Higher; Bapcor Declines More Than 30%

On 02 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 7.20 points or 0.10%, and is currently trading at 7,577.10 levels. Out of 11 sectors, 7 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Healthcare sectors are the top 2 gaining sectors, gaining 0.30% and 0.28% in their index values. On the other hand, Consumer Discretionary and Energy sectors are the top 2 declining sectors, declining 0.48% and 0.14% in their index values.

Pexa Group Limited (ASX: PXA) and Qube Holdings Limited (ASX: QUB) are the top-gaining stocks, gaining 8.741% and 7.317% in their stock prices. On the other hand, Bapcor Limited (ASX: BAP) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 30.710% and 7.092% in their stock prices.

Factors influencing the market-

• Australian shares are trading higher today to head for their third day of gains in four this week after retreating last week on worries interest rates will stay higher for longer.
• Bapcor Limited’s shares are sharply declining after it downgraded its profit guidance this morning and blamed consumers reluctance to spend on their cars as living costs rise.
• Gold prices advanced after the Federal Reserve signaled that it will still pivot to lowering borrowing costs once it had confidence that price gains are cooling.
• Oil prices settled lower in the previous session, as an unexpected build in U.S. stockpiles and signs that the Federal Reserve is set to keep rates higher for longer than previously expected weighed on sentiment.
• The Dow has closed up by 0.23%, the S&P 500 down by 0.34%, and the NASDAQ ended lower by 0.33%.
• Hang Seng is up by 0.09%, and FTSE 100 is down by 0.28%.

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