S&P/ASX 200 Trading Lower By 0.02%; Magellan Financial Plunged More Than 9.0%

On 06 October 2022, at AEDT 12:15 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 1.20 points or 0.02%, and is currently trading at 6,814.50 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200.

The Energy and Utilities sectors are the top 2 gaining sectors, gaining 2.15% and 0.63% in their index values. On the other hand, Consumer Staples and A-REIT sectors are the top 2 losing sectors, declining 0.90% and 0.86% in their index values.

Pilbara Minerals Limited (ASX: PLS) and Sayona Mining Limited (ASX: SYA) are the top-gaining stocks, gaining 7.729% and 6.383% in their stock prices. On the other hand, Magellan Financial Group Limited (ASX: MFG) and De Grey Mining Limited (ASX: DEG) are the top-losing stocks and are declining by 9.029% and 4.588% in their stock prices.

Factors influencing the market-

• Australian Bureau of Statistics said in a report that Australia’s trade surplus declined further from record highs in August, as slowing economic activity, particularly in top importer China, weighed on demand for the country’s major commodity exports.
• Magellan Financials’ share price plunged following the company reported that its Funds Under Management declined 11.6% in September.
• Oil prices edged up today after OPEC+ agreed to further tighten global crude supply with a deal to slash oil production by about 2 million barrels per day.
• Dow has closed flat, S&P 500 down by 0.2%, and NASDAQ closed lower by 0.4%.
• Hang Seng is up by 5.90%, and FTSE 100 is down by 0.48%.

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