Mid-Market: S&P/ASX 200 Trading Lower; Mirroring US Market Losses

On 06 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 16.60 points or 0.21%, and is currently trading at 7,707.60 levels. Out of 11 sectors, 8 sectors are trading lower along with the decline in the S&P/ASX 200.

The Financial and Energy sectors are the top 2 gaining sectors, gaining 0.54% and 0.05% in their index values. On the other hand, Information Technology and Materials sectors are the top 2 declining sectors, declining 1.86% and 1.09% in their index values.

Magellan Financial Group Limited (ASX: MFG) and Lifestyle Communities Limited (ASX: LIC) are the top-gaining stocks, gaining 5.445% and 3.703% in their stock prices. On the other hand, Arcadium Lithium Limited (ASX: LTM) and Core Lithium Ltd (ASX: CXO) are the top-losing stocks and are declining by 11.894% and 7.292% in their stock prices.

Factors influencing the market-

• The Australian share market is dropping today following a sell-off on Wall Street where the tech sector in particular was caught in a wave of profit taking.
• Magellan Financial Group Limited’s shares rallied after total funds management increased to $37.2 billion in February, up from the $36.3 billion booked in January. It recorded net outflows of $200 million during the period.
• Cettire shares tumbled more than 20% following an investigation by The Australian Financial Review which revealed that duties charged by the company on goods were not paid to the federal government.
• Gold prices touched an all-time high as fund buying combined with speculation over a Federal Reserve pivot and geopolitical and financial risks underpinned a rally in the precious metal.
• The Dow has closed down by 1.04%, the S&P 500 down by 1.02%, and the NASDAQ ended lower by 1.65%.
• Hang Seng is down by 2.61%, and FTSE 100 is up by 0.08%.

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