Mid-Market: S&P/ASX 200 Trading Lower By 0.03%; Materials Sector Declining By 0.42%

On 05 May 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 2.20 points or 0.03%, and is currently trading at 7,190.30 levels. Out of 11 sectors, 5 sectors are trading lower along with the S&P/ASX 200.

The A-REIT and Healthcare sectors are the top 2 gaining sectors, gaining 0.83% and 0.60% in their index values. On the other hand, the Materials and Consumer Discretionary sectors were the top 2 losing sectors, declining 0.42% and 0.21% in their index values.

Brainchip Holdings Limited (ASX: BRN) and Syrah Resources Limited (ASX: SYR) are the top-gaining stocks, gaining 7.594% and 6.349% in their stock prices. On the other hand, Virgin Money UK PLC (ASX: VUK) and Whitehaven Coal Limited (ASX: WHC) are the top-losing stocks and are declining by 6.358% and 3.781% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading lower after a heavy sell-off in banks after ANZ flagged margin pressure, and the rout in U.S. regional lenders continued overnight.
• National Australia Bank declined 3.1% to $25.98, extending yesterday’s 6.4% slump, and CBA was 1.1% lower to $94.73. Macquarie’s shares also fell just 0.9% to $176.22 after the bank posted a record profit.
• Oil prices steadied today but were set for their worst weekly drop in nearly two months amid fears of slowing U.S. economic growth and a softer-than-expected rebound in Chinese demand.
• Dow has closed down by 0.86%, S&P 500 down by 0.72%, and NASDAQ ended lower by 0.49%.
• Hang Seng is up by 1.27%, and FTSE 100 is down by 1.10%.

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