S&P/ASX 200 Trading Lower By 1.14%; Dragged Down by Financial and A-REIT Sectors

On 09 June 2022, at AEST 12:04 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 81.10 points or 1.14%, and is currently trading at 7,040.00 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200.

The Energy and Healthcare sectors are the top 2 gaining sectors, gaining 0.741% and 0.351% in their index values. On the other hand, the Financials and A-REIT sectors are the top 2 losing sectors, declining 2.25% and 1.60% in their index values.

Magellan Financial Group Limited (ASX: MFG) and Crown Resorts Limited (ASX: CWN) are the top gaining stocks, gaining 3.187% and 1.882% in their stock prices. On the other hand, Clinuvel Pharmaceuticals Limited (ASX: CUV) and Appen Limited (ASX: APX) are the top losing stocks and are declining 7.847% and 6.926% in their stock prices.

Factors influencing the market-

• Major Banks are declining after the Reserve Bank of Australia raised the interest rate more than expected earlier this week, fuelled fears about their profit margins if bad loans increased.
• Magellan Financial's share price is up 3.187% after co-founder Hamish Douglass announced that he would take a consultancy role within the company and cease being a staff member from next week.
• Brent Crude prices are higher, underpinned by robust demand in the world's top consumer United States. Further, the demand is expected to rebound in China as it relaxed strict COVID lockdowns.
• Dow has closed down by 0.8%, S&P 500 down by 1.1%, and NASDAQ closed lower by 0.7%.
• Hang Seng is up by 0.20%, and FTSE 100 is down by 0.08%.

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