S&P/ASX 200 Trading Higher By 0.83%; Led By A-REIT and Energy Sectors

On 29 July 2022, at AEST 11:50 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 57.50 points or 0.83%, and is currently trading at 6,947.20 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The A-REIT and Energy sectors are the top 2 gaining sectors, gaining 1.65% and 1.34% in their index values.

EML Payments Limited (ASX: EML) and Novonix Limited (ASX: NVX) are the top gaining stocks, gaining 7.216% and 5.434% in their stock prices. On the other hand, Zip Co Limited (ASX: ZIP) and PointsBet Holdings Limited (ASX: PBH) are the top losing stocks and are declining 18.915% and 10.084% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading higher by 0.78%, mirroring a rally on Wall Street after data showing that the US economy was slowing reinforced expectations that the Fed would not raise interest rates that much.
• PointsBet Holdings Limited’s share price is declining, although the company has reported a 28% increase in net win to AU$755.2 million in the fourth quarter of FY22, and a net win margin of 9.2%, above last year’s 8.7%.
• The US economy shrank from April through June for a second straight quarter, declining at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
• Dow has closed up 1.0%, S&P 500 up by 1.25%, and NASDAQ closed higher by 0.9%.
• Hang Seng is down by 1.00%, and FTSE 100 is up by 0.57%.

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