Mid-Market: S&P/ASX 200 Trading Lower; Oil Prices Declined By 4%

On 28 October 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.00 points or 0.06%, and is currently trading at 8,206.10 levels. Out of 11, 4 sectors are trading lower along with the decline in the S&P/ASX 200.

The Information Technology and Materials sectors are the top 2 gaining sectors, gaining 0.99% and 0.48% in their index values. On the other hand, Energy and A-REIT sectors are the top 2 declining sectors, declining 0.96% and 0.38% in their index values.

Zip Co Limited (ASX: ZIP) and Newmont Corporation (ASX: NEM) are the top-gaining stocks, gaining 3.531% and 3.350% in their stock prices. On the other hand, Paladin Energy Limited (ASX: PDN) and Boss Energy Limited (ASX: BOE) are the top-losing stocks and are declining by 13.737% and 5.802% in their stock prices.

Factors influencing the market-

• Temple & Webster declining today despite it reaffirmed its earnings FY25 margin guidance of 1 to 3% and is on track to deliver a target of $1 billion in annual revenue within three to five years, it said in a trading update.
• Energy stocks are declining, tracking a tumble in oil prices at the open after Israel showed more restraint than expected in its strikes on Iran over the weekend, bypassing oil and nuclear infrastructure.
• Oil prices tumbled nearly $4 a barrel today after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear infrastructure and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
• The Dow has closed down by 0.61%, the S&P 500 closed down by 0.03%, and the NASDAQ ended higher by 0.56%.
• Hang Seng is up by 0.49%, and FTSE 100 is down by 0.25%.

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