Mid-Market: S&P/ASX 200 Trading Higher By 0.35%; Buoyed By Oil And Gold Stocks

On 09 October 2023, at AEST 12:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 23.40 points or 0.35%, and is currently trading at 6,977.60 levels. Out of 11 sectors, 6 sectors are trading higher along with the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 1.06% and 0.41% in their index values. On the other hand, the Consumer Staples and A-REIT sectors are the top 2 losing sectors, declining 0.77% and 0.46% in their index values.

De Grey Mining Limited (ASX: DEG) and Evolution Mining Limited (ASX: EVN) are the top-gaining stocks, gaining 8.296% and 6.437% in their stock prices. On the other hand, Weebit Nano Limited (ASX: WBT) and Magellan Financial Group Limited (ASX: MFG) are the top-losing stocks and are declining by 8.975% and 5.711% in their stock prices.

Factors influencing the market-

• The Australian share market jumped today, headed by a rally in energy and gold stocks as the oil price increased in Asia after Hamas’ bloody weekend incursions into Israel.
• Gold stocks also rallied on the back of a spike in the precious metal price, with Capricorn Metals up 5.1%, Newcrest Mining jumping 3.9%, and Regis gaining 3.6%.
• Magellan Financial Group’s shares are declining today and are the worst performers on the ASX 200. The fund manager extended its losses from Friday after recording a drop in funds under management.
• Oil prices jumped more than $3 a barrel in early Asian trade as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East.
• The Dow has closed up by 0.87%, the S&P 500 up by 1.18%, and the NASDAQ ended higher by 1.60%.
• Hang Seng is up by 1.58%, and FTSE 100 is up by 0.58%.

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