Mid-Market: S&P/ASX 200 Trading Higher By 0.15%; Buoyed By Energy Sector

On 20 November 2023, at AEDT 12:00 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 10.00 points or 0.15%, and is currently trading at 7,060.40 levels. Out of 11 sectors, 4 sectors are trading higher along with the S&P/ASX 200.

The Energy and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 1.41% and 0.64% in their index values. On the other hand, the Materials and Utilities sectors are the top 2 losing sectors, declining 0.44% and 0.11% in their index values.

Karoon Energy Limited (ASX: KAR) and Paladin Energy Limited (ASX: PDN) are the top-gaining stocks, gaining 5.853% and 4.381% in their stock prices. On the other hand, West African Resources Limited (ASX: WAF) and Chalice Mining Limited (ASX: CHN) are the top-losing stocks and are declining by 3.615% and 3.195% in their stock prices.

Factors influencing the market-

• The Australian shares are gaining at the start of the week after US traders on Friday upped bets that OPEC and its allies will extend output cuts that sent oil prices and producers higher.
• Karoon Energy Limited’s shares have bounced after falling more than 12% last week. The company recently completed a capital raise at $2.05 apiece to fund the purchase of assets in the Gulf of Mexico.
• ASX Limited is gaining marginally after the market operator hired TATA Consultancy to design the replacement for its CHESS share settlement system.
• Oil prices are rising after a two-day swing as investors looked ahead to an OPEC+ meeting on supply that will shape market balances into 2024.
• The Dow has closed up by 0.01%, the S&P 500 up by 0.13%, and the NASDAQ ended higher by 0.08%.
• Hang Seng is down by 2.12%, and FTSE 100 is up by 1.26%

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