Mid-Market: S&P/ASX 200 Trading Lower By 0.65%; Oil Prices Sharply Declined

On 31 May 2023, at AEST 11:05 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 47.10 points or 0.65%, and is currently trading at 7,162.20 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200.

The Information Technology sector is the only gaining sector, gaining 0.10% in its index value. On the other hand, the Energy and Materials sectors are the top 2 losing sectors, declining 0.59% and 0.52% in their index values.

Paladin Energy Limited (ASX: PDN) and Qantas Airways Limited (ASX: QAN) are the top-gaining stocks, gaining 2.803% and 2.276% in their stock prices. On the other hand, New Hope Corporation Limited (ASX: NHC) and Whitehaven Coal Limited (ASX: WHC) are the top-losing stocks and are declining by 5.198% and 4.794% in their stock prices.

Factors influencing the market-

• Paladin Energy Limited’s share price is gaining after the company announced that it is unaware of any imminent proposed Namibian legislative changes that would affect the ownership of its 75%-owned Langer Heinrich mine.
• Oil prices fell below US$70 as the physical market for crude indicated that supplies are more than adequate to meet tepid demand.
• Dow has closed down by 0.15%, S&P 500 closed flat, and NASDAQ ended higher by 0.32%.
• Hang Seng is up by 0.24%, and FTSE 100 is down by 1.38%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com