Mid-Market: S&P/ASX 200 Trading Higher By 1.53%; Lifted by Materials

On 15 September 2023, at AEST 10:43 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 109.70 points or 1.53%, and is currently trading at 7,296.20 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 2.34% and 1.46% in their index values.

Lake Resources Limited (ASX: LKE) and Syrah Resources Limited (ASX: SYR) are the top-gaining stocks, gaining 9.722% and 4.545% in their stock prices. On the other hand, Block Inc. (ASX:  SQ2) and Cleanaway Waste Management Limited (ASX: CWY) are the top-losing stocks and are declining by 1.200% and 1.017% in their stock prices.

Factors influencing the market-

• Qantas shares rose by 1.3%, despite facing opposition from the ACCC, which denied their partnership with China Eastern Airlines due to concerns about potential price manipulation.
• Metcash, a wholesale retailer, saw a slight 0.4% increase in its stock value. It reported a modest 1.7% growth in total group sales during the first seven weeks of fiscal year 2024.
• Alliance Aviation Services experienced a 1.3% stock price increase following the news of securing a five-year contract extension with BHP Iron Ore.
• Oil prices reached their highest point of the year, driven by expectations of reduced supply, despite concerns about economic slowdown and rising US crude inventories.
• In the stock market, the Dow registered a 0.22% gain, the S&P 500 showed a 0.14% increase, and the NASDAQ displayed a 0.09% rise in value.
• The Hang Seng index increased by 0.21%, while the FTSE 100 surged by 1.95% on the current trading day.

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