Mid-Market: S&P/ASX 200 Trading Higher By 0.13%; Buoyed By Financials And IT Sectors

On 09 August 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 9.50 points or 0.13%, and is currently trading at 7,320.40 levels. Out of 11 sectors, 5 sectors are trading higher along with the S&P/ASX 200.

The Financial and Information Technology sectors are the top 2 gaining sectors, gaining 0.74% and 0.45% in their index values. On the other hand, the Healthcare and Consumer Staples sectors are the top 2 losing sectors, declining 0.86% and 0.33% in their index values.

Syrah Resources Limited (ASX: SYR) and Coronado Global Resources Inc. (ASX: CRN) are the top-gaining stocks, gaining 8.593% and 4.123% in their stock prices. On the other hand, Lake Resources N.L. (ASX: LKE) and Resmed Inc. (ASX: RMD) are the top-losing stocks and are declining by 4.286% and 4.140% in their stock prices.

Factors influencing the market-

• Suncorp’s share price dropped after a full-year net profit of $1.2 billion missed analyst estimates.
• Commonwealth Bank led the financial sector higher, rallying after it lifted its cash profits to $10.16 billion, in line with expectations for the full year but reported that net interest margins had fallen off their late 2022 peak to 2.05% in the six months to June.
• Oil steadied in Asia after closing at the highest since mid-April on concerns about an escalation of the conflict between Ukraine and Russia, ahead of data that may show a swelling of US crude stockpiles.
• Gold prices steadied near one-month lows as worsening market sentiment and the prospect of more Federal Reserve rate hikes pushed investors into the dollar.
• Dow has closed down by 1.16%, S&P 500 down by 0.90%, and NASDAQ ended lower by 0.79%.
• Hang Seng is down by 1.81%, and FTSE 100 is down by 0.36%.

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