Mid-Market: S&P/ASX 200 Trading Lower By 0.31%; Dragged by Materials

On 08 September 2023, at AEST 10:43 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 22.40 points or 0.31%, and is currently trading at 7,148.60 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Materials and A-REIT sectors are the top 2 losing sectors, declining 0.31% and 0.13% in their index values.

Treasury Wine Limited (ASX: TWE) and Bendigo and Adelaide Bank Limited (ASX: BEN) are the top-gaining stocks, gaining 1.507% and 1.345% in their stock prices. On the other hand, Mineral Resources Limited (ASX: MIN) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 2.954% and 2.708% in their stock prices.

Factors influencing the market-

• In August, the L1 Long Short Fund portfolio recorded a -4.9% return, while the S&P/ASX 200 saw a -0.7% decrease.
• Fortescue Metals experienced a 1.2% decline, mirroring the overnight drop in iron ore prices.
• Treasury Wine Estates saw a 1.5% increase as Prime Minister Anthony Albanese confirmed plans for his first visit to China in seven years later this year.
• Brookfield, in collaboration with oil and gas investor EIG Partners, has proposed an $18.7 billion acquisition of Origin but awaits competition approval.
• OPEC+ has been working to tighten the market, while simultaneously, worries about global economic growth have posed challenges.
• The Dow closed with a 0.57% decline, the S&P 500 with a 0.70% drop, and the NASDAQ with a 1.06% decrease.
• The Hang Seng index decreased by -1.34%, while the FTSE 100 showed a 0.21% increase for the day.

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