Mid-Market: S&P/ASX 200 Trading Lower; Weighed Down By Energy And Consumer Discretionary Stocks

On 22 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 26.50 points or 0.34%, and is currently trading at 7,755.50 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 Staples sectors are the top 2 gaining sectors, gaining 0.82% and 0.18% in their index values. On the other hand, Energy and Consumer Discretionary sectors are the top 2 declining sectors, declining 1.32% and 0.73% in their index values.

Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) and Virgin Money UK PLC (ASX: VUK) are the top-gaining stocks, gaining 4.899% and 3.417% in their stock prices. On the other hand, Genesis Minerals Limited (ASX: GMD) and Bellevue Gold Limited (ASX: BGL) are the top-losing stocks and are declining by 7.292% and 5.528% in their stock prices.

Factors influencing the market-

• Australian shares are trading lower at the open, despite another push higher in New York where all three major benchmarks reset record highs. The rally’s momentum was checked somewhat by a 4.1% slide in Apple, which is being sued by the US Department of Justice.
• Fisher & Paykel Healthcare rallied 4% after the company upgraded its earnings guidance for FY24 to be in the range of approximately NZ$260 million to NZ$265 million. The forecast is up from the company’s previous net profit after tax projection of a range of NZ$250 million to NZ$260 million.
• Energy stocks tracked a lower crude oil price. Brent closed below US$86 as a stronger US dollar outweighed optimism that the Federal Reserve will stick to its path of interest-rate cuts this year.
• The Dow has closed up by 0.68%, the S&P 500 up by 0.32%, and the NASDAQ ended higher by 0.20%.
• Hang Seng is up by 1.93%, and FTSE 100 is up by 1.88%.

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