S&P/ASX 200 Trading Higher; Tabcorp Holdings Share Price Crashed

On 24 May 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 14.10 points or 0.20%, and is currently trading at 7163.00 levels. 8 out of 11 sectors are trading lower despite the gain in the S&P/ASX 200.

The Financials and Materials sectors are the top 2 gaining sectors and gaining 0.46% and 0.26% in their index values. On the other hand, the Information Technology and Telecommunication Services sectors are the top 2 losing sectors, declining 2.53% and 1.09% in their index values.

Allkem Limited (ASX: AKE) and Virgin Money UK PLC (ASX: VUK) are the top gaining stocks, gaining 3.929% and 3.891% in their stock prices. On the other hand, Tabcorp Holdings Limited (ASX: TAH) and Nufarm Limited (ASX: NUF) are the top losing stocks and are declining 80.899% and 13.271% in their stock prices.

Factors influencing the market-

• US market have taken some comfort after the U.S. President Joe Biden's comment that he was considering easing sanctions on China, and from Beijing's ongoing promises of stimulus.
• Tabcorp’s share price crashed after the company announced that it has completed the demerger of The Lottery Corporation.
• Nufarm shares are falling following company received the notification that Sumitomo sold a 15.9% stake for $324 million in a block trade.
• Dow has closed up by 2.0%, S&P 500 up by 1.9%, and NASDAQ closed up by 1.6%.
• Hang Seng is down by 0.04%, and FTSE 100 is up by 1.67%.

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