Mid-Market: S&P/ASX 200 Trading Lower By 0.68%; Dragged Down By A-REIT and Tech Stocks

On 06 February 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 51.90 points or 0.68%, and is currently trading at 7,574.00 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The A-REIT and Information Technology sectors are the top 2 declining sectors, declining 1.42% and 1.32% in their index values.

Inghams Group Limited (ASX: ING) and Orora Limited (ASX: ORA) are the top-gaining stocks, gaining 2.083% and 1.259% in their stock prices. On the other hand, West African Resources Limited (ASX: WAF) and Arcadium Lithium Limited (ASX: LTM) are the top-losing stocks and are declining by 11.703% and 5.891% in their stock prices.

Factors influencing the market-

• Australian shares declined in line with losses in New York overnight where equities dropped and bond yields climbed after US Federal Reserve chairman Jerome Powell further dashed rate cut expectations.
• Myer Group Holdings Limited’s shares surged 12% following the company expects net profit to be between $49 million and $53 million for the half year. It also said that the expected guidance included the impacts of store closures and inflationary cost pressures.
• West African Resources plunged over 10% after it expects higher all-in sustaining costs for this year at US$1300 per ounce. The miner also lowered its production guidance to a range between 190,000 to 210,000 ounces.
• Oil prices rose about a dollar a barrel on concerns that tensions in the Middle East and Russia's ongoing invasion of Ukraine could curb global supplies.
• The Dow has closed down by 0.71%, the S&P 500 down by 0.32%, and the NASDAQ ended lower by 0.20%.
• Hang Seng is down by 0.15%, and FTSE 100 is down by 0.04%

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