Mid-Market: S&P/ASX 200 Trading Lower By 0.41%; Dragged Down By Materials Sector

On 01 September 2023, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 30.30 points or 0.41%, and is currently trading at 7,275.00 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200.

The Information Technology and Energy sectors are the top 2 gaining sectors, gaining 0.71% and 0.53% in their index values. On the other hand, the Materials and Consumer Staples sectors are the top 2 losing sectors, declining 1.03% and 0.92% in their index values.

Brainchip Holdings Limited (ASX: BRN) and NRW Holdings Limited (ASX: NWH) are the top-gaining stocks, gaining 4.687% and 4.044% in their stock prices. On the other hand, Chalice Mining Limited (ASX: CHN) and Fortescue Metals Limited (ASX: FMG) are the top-losing stocks and are declining by 5.883% and 4.993% in their stock prices.

Factors influencing the market-

• The share market declined today after a mixed session on Wall Street, where the S&P 500 ended down and the NASDAQ up. U.S. inflation data matched forecasts, underscoring expectations the Federal Reserve will pause its monetary tightening.
• Santos Limited’s shares rallied after finalizing the delayed sale of a 5% stake in its PNG liquefied natural gas (LNG) project to Papua New Guina’s national oil company Kumul Petroleum in a US$1.4 billion deal.
• PointsBet jumped following the US$175 million sale of its American business to sports betting and merchandise company Fanatic in a US$225 million deal.
• Gold prices held above the key mid-$1,900 level but dipped slightly after a higher reading for inflation that raised concerns about Fed rate hikes even as forecasts showed a potentially sharp decline in U.S. job numbers for August.
• The Dow has closed down by 0.48%, the S&P 500 down by 0.16%, and the NASDAQ ended higher by 0.11%.
• Hang Seng is down by 0.55%, and FTSE 100 is down by 0.46%.

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