Mid-Market: S&P/ASX 200 Trading Higher; Buoyed By Financials Sector

On 05 June 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 13.20 points or 0.17%, and is currently trading at 7,750.30 levels. Out of 11 sectors, 7 sectors are trading higher along with the gain in the S&P/ASX 200.

The Financials and Consumer Staples sectors are the top 2 gaining sectors, gaining 2.58% and 2.03% in their index values. On the other hand, Materials and Information Technology sectors are the top 2 declining sectors, declining 1.52% and 0.69% in their index values.

The Star Entertainment Group Limited (ASX: SGR) and Stanmore Resources Limited (ASX: SMR) are the top-gaining stocks, gaining 4.301% and 3.903% in their stock prices. On the other hand, Credit Corp Group Limited (ASX: CCP) and Neuren Pharmaceuticals Limited (ASX: NEU) are the top-losing stocks and are declining by 7.851% and 6.167% in their stock prices.

Factors influencing the market-

• Australian shares are holding modest gains in the opening hours of trading, with gains overcoming across much of the index offsetting falls more commodity prices overnight.
• Seek Limited’s shares are trading higher after it has agreed to sell its majority stake in OCC Mexico and its 100% interest in Catho Online, two Latin American employment markets.
• US indexes closed modestly higher, recovering from early losses, as the latest jobs data, provided further evidence that the economy is losing momentum and keeping the door open for rate cuts.
• Oil prices fell to four-month lows in the previous session, as OPEC+ signaled it will begin tapering off its production cuts this year just as demand worries intensified following weak data from major oil consumer China.
• The Dow has closed up by 0.36%, the S&P 500 closed up by 0.15%, and the NASDAQ ended higher by 0.15%.
• Hang Seng is up by 0.22%, and FTSE 100 is down by 0.37%.

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