Mid-Market: S&P/ASX 200 Trading Lower By 0.58%; Dragged Down By IT Sector

On 26 October 2023, at AEST 11:45 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 39.60 points or 0.58%, and is currently trading at 6,814.70 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200.

The Energy and Utilities sectors are the top 2 gaining sectors, gaining 0.61% and 0.27% in their index values. On the other hand, the Information Technology and Consumer Discretionary sectors are the top 2 losing sectors, declining 2.39% and 1.24% in their index values.

Super Retail Group Limited (ASX: SUL) and Beach Energy Limited (ASX: BPT) are the top-gaining stocks, gaining 4.262% and 2.871% in their stock prices. On the other hand, Megaport Limited (ASX: MP1) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 15.987% and 7.553% in their stock prices.

Factors influencing the market-

• Pilbara Minerals Limited’s share price tumbled after its revenue was 42% lower than the prior quarter, at $493.1 million in the September quarter. The company blamed weaker lithium prices and lower production volumes on the result.
• Fortescue Metals Limited is declining today after the company shipped 45.9 million tonnes of iron ore through Port Hedland in the September quarter, down from 48.9 million tonnes in the previous three months and 47.5 million in the same period last year.
• Azure Minerals rallied after it agreed to sell itself to Chilean giant Sociedad Química y Minera (SQM) for $1.63 billion, as deal fever sweeps through the Australian lithium sector.
• The Dow has closed down by 0.32%, the S&P 500 down by 1.43%, and the NASDAQ ended lower by 2.43%.
• Hang Seng is up by 0.55%, and FTSE 100 is up by 0.33%.

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