S&P/ASX 200 Trading Lower By 0.61%; Dropped Sharply Before RBA Rate Decision

On 02 August 2022, at AEST 12:15 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 42.50 points or 0.61%, and is currently trading at 6,950.50 levels. Out of 11 sectors, 6 sectors are trading lower along with the S&P/ASX 200.

The Consumer Staples and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 0.53% and 0.51% in their index values. On the other hand, Materials and A-REIT sectors are the top 2 losing sectors, declining 1.57% and 1.22% in their index values.

Pro Medicus Limited (ASX: PME) and Mesoblast Limited (ASX: MSB) and are the top gaining stocks, gaining 3.645% and 2.873% in their stock prices. On the other hand, Appen Limited (ASX: APX) and Credit Corp Group Limited (ASX: CCP) are the top losing stocks and are declining 27.321% and 9.910% in their stock prices.

Factors influencing the market-

• Australian shares are trading lower before the Reserve Bank of Australia’s cash rate decision, where the board is widely expected to raise rates by 50 basis points.
• Credit Corp Limited’s share price fell more than 10% after the company lifted its net profit 9% to AU$96.2 million for FY22. It also highlighted that the US purchased debt ledgers were 80% higher than the previous year.
• Appen Limited’s share price dropped sharply after it revealed another major earnings downgrade.
• Oil prices edged lower today, extending losses from the previous session, as investors worried about global oil demand after weak manufacturing data in several countries.
• Dow has closed down 0.1%, S&P 500 down by 0.3%, and NASDAQ closed lower by 0.2%.
• Hang Seng is down by 2.43%, and FTSE 100 is down by 0.13%.

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