S&P/ASX 200 Trading Lower By 0.35%; Oil Prices Dropped Sharply

On 31 August 2022, at AEST 12:05 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 24.60 points or 0.35%, and is currently trading at 6,973.70 levels. Out of 11 sectors, 6 sectors are trading lower along with the S&P/ASX 200.

The Telecommunication Services and Information Technology sectors are the top 2 gaining sectors, gaining 0.74% and 0.51% in their index values. On the other hand, Energy and Materials sectors are the top 2 losing sectors, declining 3.06% and 1.59% in their index values.

Clinuvel Pharmaceuticals Limited (ASX: CUV) and Webjet Limited (ASX: WEB) are the top gaining stocks, gaining 15.841% and 8.806% in their stock prices. On the other hand, PointsBet Holdings Limited (ASX: PBH) and Tabcorp Holdings Limited (ASX: TAH) are the top losing stocks and are declining 11.095% and 6.684% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading lower in line with broad losses on Wall Street amid concerns that the resilience of the US economy opens the door for an ever more hawkish rate stance from the Federal Reserve.
• PointsBet Holdings Limited’s share price declined by more than 11% following the company announced its full-year results to the market this morning, reporting a deepening of net losses to $268 million in FY22, from $188 million in FY21.
• Oil prices decreased more than 5% on worries about global demand. Iron ore tumbled below $US100 a tonne as COVID outbreaks cloud China’s outlook.
• Dow has closed down 1.0%, S&P 500 down by 1.1%, and NASDAQ closed lower by 1.1%.
• Hang Seng is down by 0.04%, and FTSE 100 is down by 0.88%.

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