Mid-Market: S&P/ASX 200 Trading Lower; Dragged Down By Materials Sectors

On 12 June 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 41.00 points or 0.53%, and is currently trading at 7,714.70 levels. Out of 11 sectors, 8 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy and Telecommunication Services sectors are the top 2 gaining sectors, gaining 0.46% and 0.18% in their index values. On the other hand, Materials and Utilities sectors are the top 2 declining sectors, declining 0.80% and 0.62% in their index values.

Emerald Resources Limited (ASX: EMR) and Bapcor Limited (ASX: BAP) are the top-gaining stocks, gaining 3.623% and 2.615% in their stock prices. On the other hand, Nickel Industries Limited (ASX: NIC) and Boss Energy Ltd (ASX: BOE) are the top-losing stocks and are declining by 5.979% and 5.902% in their stock prices.

Factors influencing the market-

• Australian shares are extending their losses as traders braced for the US Federal Reserve to push back on immediate rate cuts at its policy meeting this week.
• Bapcor Limited’s shares are again trading higher after surging 14% yesterday when it received an unsolicited bid from US-based Bain Capital to buy its shares at $5.40 apiece.
• Oil prices extended gains after industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook.
• The Dow has closed down by 0.31%, the S&P 500 closed up by 0.27%, and the NASDAQ ended higher by 0.88%.
• Hang Seng is down by 1.04%, and FTSE 100 is down by 0.98%.

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