Mid-Market: S&P/ASX 200 Trading Higher By 0.67%; 10 Out 11 Sectors Are Trading Higher

On 08 May 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 48.30 points or 0.67%, and is currently trading at 7,268.30 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 2.44% and 1.55% in their index values. On the other hand, the Consumer Staples sectors was the only losing sector, declining 0.45% in its index value.

Lynas Rare Earths Limited (ASX: LYC) and Pilbara Minerals Limited (ASX: PLS) are the top-gaining stocks, gaining 9.878% and 5.681% in their stock prices. On the other hand, Block Inc (ASX: SQ2) and Western African Resources Limited (ASX: WAF) are the top-losing stocks and are declining by 5.199% and 4.188% in their stock prices.

Top 5 Gainers & Losers (As At AEST 11:25 AM)

Factors influencing the market-

• Lynas Rare Earths Limited’s shares rallied after it announced that its Malaysian operating license to import and process lanthanide concentrate is now valid until January 1, 2024.
• Pilbara Minerals added 6.7%, and Lake Resources climbed 5% as prices of the battery material lithium in China continued to recover amid signs of improvement in the electric vehicle (EV) market.
• Oil prices rose slightly on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede.
• Dow has closed up by 1.65%, S&P 500 up by 1.85%, and NASDAQ ended higher by 2.13%.
• Hang Seng is up by 0.50%, and FTSE 100 is up by 0.98%.

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