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

On 16 October 2023, at AEST 12:00 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 9.90 points or 0.14%, and is currently trading at 7,041.10 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 0.86% and 0.61% in their index values. On the other hand, the Information Technology and Healthcare sectors are the top 2 losing sectors, declining 1.93% and 0.71% in their index values.

Bellevue Gold Limited (ASX: BGL) and Regis Resorces Limited (ASX: RRL) are the top-gaining stocks, gaining 6.049% and 5.844% in their stock prices. On the other hand, Fletcher Building Limited (ASX: FBU) and Paladin Energy Limited (ASX: PDN) are the top-losing stocks and are declining by 9.091% and 4.366% in their stock prices.

Factors influencing the market-

• Australian shares are trading lower, tracking losses on Wall Street as investors rushed to the safety of bonds and gold on concerns about the escalating tension in the Middle East.
• SkyCity Entertainment fell 2.7% following the announcement that chief executive Michael Ahearne will step down from his role early next year.
• Oil traded in a narrow range, with Israel yet to launch its anticipated ground offensive of the Gaza Strip and the US stepping up efforts to stop the crisis from becoming a regional conflagration.
• The Dow has closed up by 0.12%, the S&P 500 down by 0.50%, and the NASDAQ ended lower by 1.23%.
• Hang Seng is down by 2.33%, and FTSE 100 is down by 0.59%.

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