S&P/ASX 200 Trading Higher; Materials And Energy Sector Are Top Gainers

On 23 May 2022, at AEST 11:54 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 2.40 points and is currently trading at 7,148.00 levels Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200.

The Materials and Energy sectors are the top 2 gaining sectors, with a gain of 1.47% and 0.87% in their index values. On the other hand, the Utilities and Healthcare sectors are the top 2 losing sectors, with 0.49% and 0.41% in their index values.

Codan Limited (ASX: CDA) and Elders Limited (ASX: ELD) are the top gaining stocks, gaining 14.370% and 10.365 % in their stock prices. On the other hand, POLYNOVO LIMITED (ASX: PNV) and Novonix Limited (ASX: NVX) are the top losing stocks and are declining 3.774% and 3.407% in their stock prices.

Factors influencing the market-

• Elders Limited’s share price is rising more than 10% after the company announced its solid 1H FY2022 results.
• The Material sector is gaining as the rising iron ore prices following China's move to cut borrowing rates and shrinking stockpiles of the bulk commodity.
• Investors seems worried after Beijing reports record covid cases.
• Dow has closed up by 0.1%, S&P 500 closed flat, and NASDAQ closed down by 0.3%.
• Hang Seng is down by 0.76%, and FTSE 100 is up by 1.19%.

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