Mid-Market: S&P/ASX 200 Trading Lower By 0.63%; Dragged Down by Industrials

On 13 September 2023, at AEST 10:33 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 45.60 points or 0.63%, and is currently trading at 7,161.30 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Industrial sectors are the top 2 losing sectors, declining 1.84% and 0.79% in their index values. Energy and Utilities sectors are the top 2 gaining sectors, gaining 0.51% and 0.15% in their index values.

Lake Resources Limited (ASX: LKE) and Whitehaven Coal Limited (ASX: WHC) are the top-gaining stocks, gaining 8.823% and 2.447% in their stock prices. On the other hand, IGO Limited (ASX: IGO) and Medibank Private Limited (ASX: MPL) are the top-losing stocks and are declining by 5.895% and 2.925% in their stock prices.

Factors influencing the market-

• Dreadnought Resources has seen a 5.7% increase in its stock value due to the announcement of high-grade neodymium and praseodymium findings from its Western Australia (WA) project.
• Monadelphous has witnessed a 1.3% rise in its shares following the acquisition of a $100 million contract from Liontown Resources. The contract entails the construction of a wet plant for Liontown's Kathleen Valley Lithium Project in WA.
• Pact Group's shares have surged by 5.2% after billionaire entrepreneur Raphael Geminder revealed his intentions to take the struggling packaging manufacturer private.
• The American Petroleum Institute (API) has reported a build of 1.174 million barrels in U.S. crude inventories, contrasting with the previous week's draw of 5.521 million barrels.
• In the stock market, the Dow has recorded a gain of 0.22%, the S&P 500 has exhibited a 0.14% increase, and the NASDAQ has shown a 0.09% rise in value.
• Meanwhile, the Hang Seng has experienced a -0.39% decline, while the FTSE 100 has risen by 0.41% today.

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