Mid-Market: S&P/ASX 200 Trading Lower By 0.25%; After Australia’s Job Data

On 16 November 2023, at AEDT 12:00 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 17.50 points or 0.25%, and is currently trading at 7,088.40 levels. Out of 11 sectors, 6 sectors are trading lower along with the S&P/ASX 200.

The Utilities and Consumer Staples sectors are the top 2 gaining sectors, gaining 0.73% and 0.66% in their index values. On the other hand, the A-REIT and Information Technology sectors are the top 2 losing sectors, declining 0.84% and 0.77% in their index values.

Graincorp Limited (ASX: GNC) and IPH Limited (ASX: IPH) are the top-gaining stocks, gaining 5.188% and 3.412% in their stock prices. On the other hand, AMP Limited (ASX: AMP) and ANZ Group Holdings Limited (ASX: ANZ) are the top-losing stocks and are declining by 12.808% and 3.119% in their stock prices.

Factors influencing the market-

• The Australian shares are declining despite an extended rally on Wall Street as investors await key jobs data that may help determine the Reserve Bank’s next move on interest rates.
• A2 Milk is gaining despite a warning from the company’s boss, David Bortolussi, that China’s infant formula market is in a steep decline and will be a more challenging place to do business this year.
• GrainCorp Limited’s share price jumped after reports that the company will pay a special dividend of 16¢ and a final dividend of 14¢, both fully franked after ending the year to September 30 with a cash balance of $373 million.
• Australian employment increased by 55,000 in October, after a gain of 8,000 the previous month, which was upwardly revised. The unemployment rate ticked up to 3.7% from 3.6%.
• The Dow has closed up by 0.47%, the S&P 500 up by 0.16%, and the NASDAQ ended higher by 0.07%.
• Hang Seng is up by 3.92%, and FTSE 100 is up by 0.62%.

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