S&P/ASX 200 Trading lower before the RBA Rate Announcement

On 07 June 2022, at AEST 12:02 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 58.60 points or 0.81%, and is currently trading at 7,147.70 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Telecommunication Services sectors are the top 2 losers, declining 1.64% and 1.40% in their index values, respectively.

Sandfire Resources Limited (ASX: SFR) and Magellan Financial Group Limited (ASX: MFG) are the top gaining stocks, gaining 3.180% and 2.957% in their stock prices. On the other hand, Zip Co Limited (ASX: ZIP) and Clinuvel Pharmaceuticals Limited (ASX: CUV) are the top losing stocks and are declining 10.458% and 4.455% in their stock prices.

Factors influencing the market-

• Australian shares are falling as investors await an expected rate increase from the Reserve Bank of Australia.
• Oil prices are higher on expected demand recovery in China as it relaxed strict COVID lockdowns and doubts a higher output target by OPEC+ producers would ease tight supply.
• Dow has closed up by 0.1%, S&P 500 up by 0.3%, and NASDAQ closed higher by 0.4%.
• Hang Seng is down by 0.06%, and FTSE 100 is up by 1.00%.

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