S&P/ASX 200 Trading Higher By 0.32%; Lifted By Utilities and Energy Sectors

On 01 August 2022, at AEST 12:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 22.10 points or 0.32%, and is currently trading at 6,967.30 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200.

The Utilities and Energy sectors are the top 2 gaining sectors, gaining 1.14% and 0.98% in their index values. On the other hand, Financial and Consumer Discretionary sectors are the top 2 losing sectors, declining 0.10% and 0.04% in their index values.

Allkem Limited (ASX: AKE) and Elders Limited (ASX: ALD) are the top gaining stocks, gaining 3.546% and 3.280% in their stock prices. On the other hand, United Malt Group Limited (ASX: UMG) and Megaport Limited (ASX: MP1) are the top losing stocks and are declining 13.624% and 9.288% in their stock prices.

Factors influencing the market-

• Australian shares are trading higher, tracking a rally on Wall Street amid US corporate optimism despite concerns about a recession and speculation the Reserve Bank will lift its benchmark rate for the fourth consecutive month.
• United Malt Group’s share price is declining following the company warned that earnings for FY22 are expected to be below previous guidance.
• Oil prices are declining today as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.
• Dow has closed up 1.0%, S&P 500 up by 1.4%, and NASDAQ closed higher by 1.9%.
• Hang Seng is down by 0.82%, and FTSE 100 is up by 1.06%.

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