S&P/ASX 200 Trading Lower; Dragged Down By IT And Telecommunication

On 31 May 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 20.70 points or 0.28%, and is currently trading at 7,265.90 levels. 8 out of 11 sectors are trading lower along with the S&P/ASX 200.

The Energy and Materials sectors are the top 2 gaining sectors, gaining 0.44% and 0.25% in their index values. On the other hand, The Information Technology and Telecommunication Services sectors are the top 2 losing sectors, declining 0.86% and 0.64% in their index values.

Beach Energy Limited (ASX: BPT) and Elders Limited (ASX: ELD) are the top gaining stocks, gaining 3.048% and 2.659% in their stock prices. On the other hand, Life360 Inc (ASX: 360) and Zip Co Limited (ASX: ZIP) are the top losing stocks and are declining 5.236% and 4.616% in their stock prices.

Factors influencing the market-

• Shares of the iron ore, coal, and energy majors climbed as China eased restrictions on movements and manufacturing in major cities.
• Brent crude oil is gaining 0.45% to $118.25 after European Union leaders agreed to pursue a partial ban on imports of crude from Russia to increase pressure on Moscow for its invasion of Ukraine.
• Hang Seng is up by 0.21%, and FTSE 100 is up by 0.19%.

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