Mid-Market: S&P/ASX 200 Trading Sharply Lower; All 11 Sectors Are Trading In Red

On 27 June 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading sharply lower today, declining 123.30 points or 1.58%, and is currently trading at 7,659.70 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. A-REIT and Industrials sectors are the top 2 declining sectors, declining 2.82% and 2.69% in their index values.

Strike Energy Limited (ASX: STX) and Arcadium Lithium Ltd (ASX: LTM) are the top-gaining stocks, gaining 6.383% and 5.010% in their stock prices. On the other hand, Stockland (ASX: SGP) and GPT Group (ASX: GPT) are the top-losing stocks and are declining by 5.796% and 5.282% in their stock prices.

Factors influencing the market-

• Australian shares are sharply declining after Wednesday’s inflation data topped expectations at 4% for the year to May. Shares were higher in New York, although Europe slipped ahead of this weekend’s French elections.
• The uranium price fell to US$83.50 a pound overnight, its lowest level in 2024 as the nuclear fuel disappoints investors backing it to go higher amid a raft of bullish forecasts from brokers and investment banks.
• The Copper prices have shed 14% since rocketing to a record above US$11,000 a tonne in May. Soft market conditions in top consumer China have handed copper’s more bullish investors a reality check, and prices have continued to decline even amid tentative signs of a demand recovery.
• Oil prices settled slightly higher in the previous session despite a surprise jump in U.S. gasoline supplies, as investors worried that a potential expansion of the Gaza war could disrupt crude supplies from the Middle East.
• The Dow has closed up by 0.04%, the S&P 500 closed up by 0.16%, and the NASDAQ ended higher by 0.48%.
• Hang Seng is up by 0.09%, and FTSE 100 is down by 0.27%.

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