Mid-Market: S&P/ASX 200 Trading Lower By 0.52%; 10 Out Of 11 Sectors Are Trading In Red Zone

On 18 September 2023, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 37.80 points or 0.52%, and is currently trading at 7,241.20 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200.

The Materials sector is the only gaining sector, gaining 0.14% in its index value. On the other hand, the Information Technology and A-REIT sectors are the top 2 losing sectors, declining 1.97% and 0.85% in their index values.

Imugene Limited (ASX: IMU) and Silver Lake Resources Limited (ASX: SLR) are the top-gaining stocks, gaining 3.278% and 2.604% in their stock prices. On the other hand, Washington H Soul Pattinson & Company Limited (ASX: SOL) and Xero Limited (ASX: XRO) are the top-losing stocks and are declining by 4.746% and 4.040% in their stock prices.

Factors influencing the market-

• Zip Co has dropped following news that the company’s chief financial officer will retire at the end of this month. Martin Brooke will step down from the role on September 29, and former Westpac general manager of group finance Gordon Bell will step into the role.
• Information Technology shares are the worst performing today, down more than 2%, following a similarly poor performance on the Nasdaq at the end of last week.
• A2 Milk’s shares retreated after the infant formula company canceled its long-running exclusivity deal with supplier Synlait. 
• Costa Group Holding Limited’s share price is declining on news that Paine Schwartz Partners has reduced its proposed takeover offer for the agricultural group to AU$3.20 per share.
• Oil has held near a 10-month high as OPEC+ supply cuts tightened the global market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address an industry conference on the kingdom’s crude policy and outlook.
• The Dow has closed down by 0.83%, the S&P 500 down by 1.22%, and the NASDAQ ended lower by 1.56%.
• Hang Seng is down by 0.75%, and FTSE 100 is down by 0.50%.

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