Mid-Market: S&P/ASX 200 Trading Lower; S32 Declined By More Than 10%

On 22 July 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 59.80 points or 0.75%, and is currently trading at 7,911.80 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. A-REIT and Financials sectors are the top 2 declining sectors, declining 0.78% and 0.74% in their index values.

Insignia Financial Ltd (ASX: IFL) and Strike Energy Limited (ASX: STX) are the top-gaining stocks, gaining 8.403% and 3.750% in their stock prices. On the other hand, South32 Limited (ASX: S32) and Arcadium Lithium Ltd (ASX: LTM) are the top-losing stocks and are declining by 11.989% and 3.328% in their stock prices.

Factors influencing the market-

• Australian shares are trading lower ahead of key earnings from the US tech giants this week and as investors are weighing the impact US President Joe Biden’s decision to end his reelection campaign may have on financial markets.
• South32 Limited’s shares slumped more than 10% after it lowered its production guidance for alumina, Sierra Gorda payable copper equivalent, Cannington payable zinc equivalent in FY25.
• Woodside Energy shares are dropping after it agreed to buy Gulf Coast Driftwood LNG project near Lake Charles in Louisiana for US$900 million.
• Gold edged higher as markets weighed President Joe Biden’s decision to end his reelection bid, which sparked questions over whether the move will help or hinder Donald Trump’s chances of returning to the White House.
• The Dow has closed down by 0.93%, the S&P 500 closed down by 0.81%, and the NASDAQ ended lower by 0.71%.
• Hang Seng is up down 2.03%, and FTSE 100 is down by 0.60%.

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