Mid-Market: S&P/ASX 200 Trading Lower By 0.19%; Dragged Down by Materials

On 11 September 2023, at AEST 10:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 13.70 points or 0.19%, and is currently trading at 7,143.00 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Materials and Consumer Discretionary sectors are the top 2 losing sectors, declining 2.98% and 2.29% in their index values.

Alumina Limited (ASX: AWC) and Evolution Mining Limited (ASX: EVN) are the top-gaining stocks, gaining 2.475% and 1.949% in their stock prices. On the other hand, Chorus Limited (ASX: CNU) and Bellevue Gold (ASX: BGL) are the top-losing stocks and are declining by 3.939% and 1.673% in their stock prices.

Factors influencing the market-

• West African gold producer Tietto Minerals saw a 4.1% decline in its stock price due to the retraction of two announcements made last week regarding the company's production outlook.
• Bendigo and Adelaide Bank witnessed a 1.1% increase in its stock value as it appointed David Foster, a current board member and former Suncorp CEO, as its upcoming chairman.
• Small-cap company Westar Resources experienced an 8% surge in its stock price after appointing Jason Boladeras, the former chief explorer of Northern Star, as the new exploration manager, focusing on gold mining in Western Australia.
• Saudi Arabia is at risk of an economic contraction in the current year due to its decision to extend crude production cuts, highlighting its continued heavy dependence on oil while efforts to diversify the economy progress slowly.
• The Dow recorded a 0.22% gain, the S&P 500 showed a 0.14% increase, and the NASDAQ saw a 0.09% rise in its value.
• On the other hand, the Hang Seng index experienced a 1.34% decline, while the FTSE 100 exhibited a 0.49% increase in its performance today.

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