Mid-Market: S&P/ASX 200 Trading Lower By 0.19%; After CPI Index Rose 1.2% In September Quarter

On 25 October 2023, at AEST 12:00 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 12.70 points or 0.19%, and is currently trading at 6,844.20 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200.

The Materials and Telecommunication Services sectors are the top 2 gaining sectors, gaining 0.74% and 0.61% in their index values. On the other hand, the A-REIT and Energy sectors are the top 2 losing sectors, declining 0.53% and 0.36% in their index values.

Telix Pharmaceuticals Limited (ASX: TLX) and Lynas Rare Earths Limited (ASX: LYC) are the top-gaining stocks, gaining 4.398% and 4.191% in their stock prices. On the other hand, Magellan Financial Group Limited (ASX: MFG) and Cromwell Property Group (ASX: CMW) are the top-losing stocks and are declining by 5.513% and 4.110% in their stock prices.

Factors influencing the market-

• The Australian Share market is declining following Australia’s headline consumer price index (CPI), which rose 1.2% in the September quarter compared to the previous quarter, according to data released by the Australian Bureau of Statistics.
• Magellan Financial Group’s shares are lower after CEO David George announced he was stepping down. Board director Andrew Formica will assume the role as executive chairman as the embattled fund manager searches for a replacement.
• Corporate Travel Management is trading higher after the company said it would conduct an on-market buyback for $100 million worth of its shares from November 15.
• The Australian dollar rose to US63.77¢ from US63.60¢ after inflation data for the third quarter came in above forecasts, adding pressure on the Reserve Bank to raise the cash rate.
• The Dow has closed up by 0.62%, the S&P 500 up by 0.73%, and the NASDAQ ended higher by 0.93%.
• Hang Seng is down by 1.05%, and FTSE 100 is up by 0.20%.

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