Mid-Market: S&P/ASX 200 Trading Lower By 0.12%; Dragged Down By IT And Financials Sectors

On 10 August 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 8.80 points or 0.12%, and is currently trading at 7,329.40 levels. Out of 11 sectors, 6 sectors are trading lower along with the S&P/ASX 200.

The Energy and Utilities sectors are the top 2 gaining sectors, gaining 1.60% and 0.79% in their index values. On the other hand, the Information Technology and Financial sectors are the top 2 losing sectors, declining 1.77% and 0.69% in their index values.

Boral Limited (ASX: BLD) and Whitehaven Coal Limited (ASX: WHC) are the top-gaining stocks, gaining 8.593% and 4.123% in their stock prices. On the other hand, Downer EDI Limited (ASX: DOW) and Brainchip Holdings Limited (ASX: BRN) are the top-losing stocks and are declining by 4.286% and 4.140% in their stock prices.

Factors influencing the market-

• The S&P/ASX 200 is trading lower today, with reporting season revelations from major ASX companies playing tug-of-war with the benchmark indexes.
• Cettire Limited’s shares are rising after the luxury retailer’s FY23 revenue doubled to $416.2 million, compared to the prior year.
• QBE Insurance Group is down following its latest financial report showed a 10.2% rise in premiums, the latest example of increasing pricing pressure on insurance customers.
• Oil prices fell in early Asian trade today after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts.
• Dow has closed down by 0.54%, S&P 500 down by 0.70%, and NASDAQ ended lower by 1.17%.
• Hang Seng is up by 0.32%, and FTSE 100 is up by 0.80%.

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