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

On 29 February 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 10.90 points or 0.14%, and is currently trading at 7,649.50 levels. Out of 11 sectors, 7 sectors are trading lower along with the decline in the S&P/ASX 200.

The A-REIT and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 0.65% and 0.32% in their index values. On the other hand, Utilities and Materials sectors are the top 2 declining sectors, declining 0.86% and 0.69% in their index values.

Harvey Norman Holdings Limited (ASX: HVN) and Ramsay Healthcare Limited (ASX: RHC) are the top-gaining stocks, gaining 6.118% and 5.567% in their stock prices. On the other hand, Chalice Mining Limited (ASX: CHN) and Core Lithium Ltd (ASX: CXO) are the top-losing stocks and are declining by 12.302% and 4.652% in their stock prices.

Factors influencing the market-

• The S&P/ASX 200 is declining today in line with losses in New York as the latest US data bolstered the Federal Reserve’s position of waiting for more evidence that inflation is cooling before pivoting to rate cuts.
• Australia’s largest crypto exchanges BTC Markets booked a bitcoin trade at an Australian dollar record high of $97,000 as the digital token surges on worries over the US fiscal position and huge inflows to exchange-traded funds.
• U.S. crude oil futures settled lower after the Federal Reserve held firm on its decision to hold off cutting interest rates in the near future, while growing U.S. crude stockpiles added further pressure.
• The Dow has closed down by 0.06%, the S&P 500 down by 0.17%, and the NASDAQ ended lower by 0.55%.
• Hang Seng is down by 1.51%, and FTSE 100 is down by 0.76%.

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