Mid-Market: S&P/ASX 200 Trading Lower By 0.14%; Dragged Down By IT And Healthcare Sectors

On 16 May 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 10.30 points or 0.14%, and is currently trading at 7,256.80 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200.

The Financial and Materials sectors are the top 2 gaining sectors, gaining 0.40% and 0.39% in their index values. On the other hand, the Information Technology and Healthcare sectors were the top 2 losing sectors, declining 1.02% and 1.00% in their index values.

James Hardie Industries Plc (ASX: JHX) and Life360 Inc (ASX: 360) are the top-gaining stocks, gaining 7.253% and 7.208% in their stock prices. On the other hand, West African Resources Limited (ASX: WAF) and ARB Corporation Limited (ASX: ARB) are the top-losing stocks and are declining by 3.031% and 2.856% in their stock prices.

Factors influencing the market-

• James Hardie’s shares are rallying today after it posted a 12% gain in net profit for the financial year to March 31, 2023.
• Lithium prices are set to prolong their recovery from a brutal sell-off of 70% as demand exceeds weaker-than-anticipated lithium supply growth, underpinned by the growing take-up of electric vehicles to meet carbon emission targets. 
• Gold prices fell slightly in early Asian trade as many Federal Reserve officials warned that interest rates could still rise further amid relatively high inflation and a robust labor market.
• Dow has closed up by 0.14%, S&P 500 up by 0.30%, and NASDAQ ended higher by 0.66%.
• Hang Seng is up by 1.75%, and FTSE 100 is up by 0.30%.

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