Mid-Market: S&P/ASX 200 Trading Higher By 1.15%; All 11 Sectors Are In Green

On 29 May 2023, at AEST 10:55 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 82.20 points or 1.15%, and is currently trading at 7,237.00 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Materials and Information Technology sectors are the top 2 gaining sectors, gaining 2.30% and 1.50% in their index values.

Brainchip Holdings Limited (ASX: BRN) and Nickel Industries Limited (ASX: NIC) are the top-gaining stocks, gaining 6.976% and 4.142% in their stock prices. On the other hand, IDP Education Limited (ASX: IEL) and ALS Limited (ASX: ALQ) are the top-losing stocks and are declining by 7.979% and 2.611% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is rallying today as U.S. President Joe Biden and Republicans finally settled a deal to raise the country’s debt ceiling, ending weeks of pain for share markets and bonds.
• ALS Limited is declining despite reporting a 23.4% increase in its underlying continuing net profit after tax in FY23 to $321 million.
• Gold prices fell today, extending three weeks of losses as strong inflation readings increased the dollar and ramped up anticipations of more interest rate hikes by the Fed, while fears of a U.S. debt default eased.
• Dow has closed up by 1.00%, S&P 500 up by 1.30%, and NASDAQ ended higher by 2.19%.
• Hang Seng is down by 1.93%, and FTSE 100 is down by 0.74%.

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