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

On 04 September 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 153.70 points or 1.90%, and is currently trading at 7,949.50 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Energy and Materials sector are the top 2 declining sectors, declining 2.31% and 2.04% in their index values.

Orora Limited (ASX: ORA) and West African Resources Limited (ASX: WAF) are the top-gaining stocks, gaining 6.400% and 1.087% in their stock prices. On the other hand, Fortescue Ltd (ASX: FMG) and Deep Yellow Limited (ASX: DYL) are the top-losing stocks and are declining by 8.645% and 7.907% in their stock prices.

Factors influencing the market-

• The Australian share market is declining by more than 1% at the open as rising fears of a US recession send investors fleeing the stock market.
• Orora Limited’s share surged after it announced it was selling its North American packaging solutions business to Veritiv for $1.775 billion.
• Oil prices held a large decline as a prospective deal to return Libyan supply shifted focus back to concerns over global demand and an OPEC+ plan to boost production from October.
• The Dow has closed down by 1.51%, the S&P 500 closed down by 2.12%, and the NASDAQ ended lower by 3.25%.
• Hang Seng is down by 0.23%, and FTSE 100 is down by 0.78%.

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