Mid-Market: S&P/ASX 200 Trading Lower By 0.41%; 10 Out 11 Sectors Are Trading In Red

On 23 June 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 29.20 points or 0.41%, and is currently trading at 7,166.00 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200.

The Consumer Staples sectors is the only gaining sector, gaining 0.03% in its index value. On the other hand, the Energy and A-REIT sectors are the top 2 losing sectors, declining 1.47% and 0.54% in their index values.

Fletcher Building Limited (ASX: FBU) and Core Lithium Ltd (ASX: CXO) are the top-gaining stocks, gaining 1.898% and 1.063% in their stock prices. On the other hand, Gold Road Resources Limited (ASX: GOR) and Virgin Money UK PLC (ASX: VUK) are the top-losing stocks and are declining by 4.688% and 3.547% in their stock prices.

Factors influencing the market-

• The UK bank Virgin Money UK PLC’s share price sharply declined after the Bank of England moved to lift lending rates to 5%.
• Gold dropped nearly 1% to a three-month low on Thursday following US Federal Reserve Chair Jerome Powell’s testimony, with the possibility of more rate increases overriding any support from signs of a softer labor market.
• Oil futures fell about 4% in the previous session as a bigger-than-expected Bank of England rate rises prompted concerns about the economy and fuel demand that outweighed support from a surprise draw in US oil supplies.
• Dow has closed down by 0.01%, S&P 500 up by 0.37%, and NASDAQ ended higher by 0.95%.
• Hang Seng is down by 1.98%, and FTSE 100 is down by 0.76%.

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