Mid-Market: S&P/ASX 200 Trading Lower By 0.31%; Dragged Down By Healthcare And IT Sectors

On 06 September 2023, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 22.40 points or 0.31%, and is currently trading at 7,291.80 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200.

The Energy and Financials sectors are the top 2 gaining sectors, gaining 1.80% and 0.10% in their index values. On the other hand, the Healthcare and Information Technology sectors are the top 2 losing sectors, declining 1.06% and 0.69% in their index values.

Lake Resources N.L. (ASX: LKE) and Whitehaven Coal Limited (ASX: WHC) are the top-gaining stocks, gaining 3.846% and 2.996% in their stock prices. On the other hand, Orora Limited (ASX: ORA) and Bellevue Gold Limited (ASX: BGL) are the top-losing stocks and are declining by 20.050% and 3.762% in their stock prices.

Factors influencing the market-

• The healthcare sector is the worst-performing sector of today. Shares in ResMed have opened lower after analysts at UBS downgraded the stock due to the increase of competitor treatments from weight loss drugs like Ozempic.
• Orora Limited’s shares plunged around 20% after hitting the market for the first time this month, following the competition of a $1.35 billion equity raise to fund the buyout of France’s Saver Glass.
• Macquarie Group dropped after flagging investment-related income from its green energy investments was “substantially down” in the most recent quarter.
• Oil prices are higher as markets are worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.
• The Dow has closed down by 0.56%, the S&P 500 down by 0.42%, and the NASDAQ ended lower by 0.08%.
• Hang Seng is down by 2.06%, and FTSE 100 is down by 0.20%.

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