S&P/ASX 200 Trading Higher By 0.22%; Ahead of RBA Rate Rise

On 05 September 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 15.00 points or 0.22%, and is currently trading at 6,843.70 levels. Out of 11 sectors, 7 sectors are trading lower despite the gain in the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 3.38% and 1.34% in their index values. On the other hand, A-REIT and Financial sectors are the top 2 losing sectors, declining 0.54% and 0.47% in their index values.

Whitehaven Coal Limited (ASX: WHC) and Polynovo Limited (ASX: PNV) are the top gaining stocks, gaining 7.026% and 6.299% in their stock prices. On the other hand, Imugene Limited (ASX: IMU) and Fortescue Metals Limited (ASX: FMG) are the top losing stocks and are declining 6.123% and 5.349% in their stock prices.

Factors influencing the market-

• Australian shares are rising despite a weak lead from Wall Street as markets brace for the Reserve Bank to lift its benchmark rate for a fifth straight month.
• Energy sector is rising as oil prices jumped more than $1 a barrel today, extending gains as investors eyed possible moves by OPEC producers to tweak production and support prices at a meeting later in the day.
• The U.S. dollar touched a 20-year high against a basket of currencies today, benefiting from weakness in the euro amid a worsening energy crisis. At the same time, investors continued to bet on more interest rate hikes by the Federal Reserve.
• Dow has closed down 1.1%, S&P 500 down by 1.1%, and NASDAQ closed lower by 1.3%.
• Hang Seng is down by 0.88%, and FTSE 100 is up by 1.86%.

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