S&P/ASX 200 Trading Higher; Lifted By Materials and Energy Sectors

On 14 July 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 22.30 points or 0.34%, and is currently trading at 6,643.90 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200.

The Materials and Energy sectors are the top 2 gaining sectors, gaining 1.89% and 1.01% in their index values. On the other hand, the A-REIT and Financial sectors are the top 2 losing sectors, declining 1.41% and 0.55% in their index values.

Whitehaven Coal Limited (ASX: WHC) and Netwealth Group Limited (ASX: NWL) are the top gaining stocks, gaining 7.050% and 6.139% in their stock prices. On the other hand, Viva Energy Group Ltd (ASX: VEA) and Bega Cheese Limited (ASX: BGA) are the top losing stocks and are declining 4.030% and 3.381% in their stock prices.

Factors influencing the market-

• Bega Cheese's share price is declining following the company warned rising milk prices over June and July means its FY 2023 normalized EBITDA is set to finish between AU$160 million and AU$190 million, versus guidance between AU$175 million and AU$190 million in FY 2022.
• Inflation in the U.S. has jumped to a new 41-year-high driven by broad-based price increases in gas, food, and rent, placing further pressure on the Biden administration and ensuring another large interest rate rise by the Federal Reserve later this month.
• Oil prices are declining on Thursday as investors doubled down on the possibility of a rate hike by the U.S. Federal Reserve that would stem inflation and curb oil demand.
• The Bank of Canada on Wednesday raised its main interest rate by 100 basis points to crush inflation, surprise markets, and become the first G7 country to make such an aggressive hike in this economic cycle.
• Dow has closed down by 0.7%, S&P 500 down by 0.3%, and NASDAQ closed lower by 0.2%.
• Hang Seng is down by 0.22%, and FTSE 100 is down by 0.74%. 

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