Mid-Market: S&P/ASX 200 Trading Lower By 0.05%; Fed’s Waller Shreds Rate Cut Hopes And Evolution Mining Sinks 14%

On 17 January 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 4.10 points or 0.05%, and is currently trading at 7,410.20 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200.

The Utilities and Information Technology sectors are the top 2 gaining sectors, gaining 0.58% and 0.44% in their index values. On the other hand, Energy and A-REIT sectors are the top 2 declining sectors, declining 0.76% and 0.54% in their index values.

Coronado Global Resources Inc. (ASX: CRN) and Megaport Limited (ASX: MP1) are the top-gaining stocks, gaining 3.293% and 2.222% in their stock prices. On the other hand, Evolution Mining Limited (ASX: EVN) and Bapcor Limited (ASX: BAP) are the top-losing stocks and are declining by 15.200% and 5.268% in their stock prices.

Factors influencing the market-

• Australian shares declined at the open, mirroring selling on Wall Street after US Federal Reserve policymaker Christopher Waller pushed back on near-term rate cut bets.
• Evolution Mining Limited’s share are dropping after it said it produced 161,073 ounces of gold in October-December at an AISC of $1618 per ounce. The company revised the production guidance for its Red Lake mine, in northern Ontario, Canada.
• Lottery Corporation shares edged higher after the company has appointed ex QIC chief executive Doug McTaggart as chairman. McTaggart will succeed the position from Westpac chairman-elect Steven Gregg.
• Oil prices edged lower after a choppy session as broader risk-off sentiment diminished reduced crude production in North Dakota and Red Sea risks.
• The Dow has closed down by 0.62%, the S&P 500 down by 0.37%, and the NASDAQ ended lower by 0.19%.
• Hang Seng is down by 2.16%, and FTSE 100 is down by 0.48%

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com