Mid-Market: S&P/ASX 200 Trading Lower; Weighed Down By Gold And Iron Ore Miners

On 05 April 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 36.60 points or 0.47%, and is currently trading at 7,780.70 levels. Out of 11 sectors, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy sector is the only gaining sector, gaining 0.10% in its index value. On the other hand, Materials and Consumer Discretionary sectors are the top 2 declining sectors, declining 0.82% and 0.72% in their index values.

Telix Pharmaceuticals Limited (ASX: TLX) and Ampol Limited (ASX: ALD) are the top-gaining stocks, gaining 5.159% and 2.896% in their stock prices. On the other hand, Paladin Energy Limited (ASX: PDN) and Arcadium Lithium Limited (ASX: LTM) are the top-losing stocks and are declining by 4.561% and 4.438% in their stock prices.

Factors influencing the market-

• The S&P/ASX 200 is declining today as falls among the gold and iron ore miners weighed on the market. Iron ore prices dropped below US$100 a tonne, with BHP down 1.3% and Rio Tinto off 1.1%.
• Energy is the only gaining sector after Brent crude futures topped US$91 a barrel at their highest level in five months, on worries over tension between Israel and Iran.
• West African Resources Limited’s shares are rising after the company confirmed 2024 guidance of 190,000 to 210,000 ounces of gold in a quarterly update. The explorer said it sold 49,509 ounces of gold in the first quarter at an average price of US$2,078 per ounce.
• The Dow has closed down by 1.35%, the S&P 500 down by 1.23%, and the NASDAQ ended lower by 1.40%.
• Hang Seng is down by 1.22%, and FTSE 100 is up by 0.48%.

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