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

On 25 July 2022, at AEST 12:15 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 10.60 points or 0.16%, and is currently trading at 6,780.90 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200.

The Materials and Utilities sectors are the top 2 gaining sectors, gaining 1.00% and 0.87% in their index values. On the other hand, the Information Technology and Telecommunication Services sectors are the top 2 losing sectors, declining 1.45% and 0.90% in their index values.

Unibail-Rodamco-Westfield (ASX: URW) and Corporate Travel Management Limited (ASX: CTD) are the top gaining stocks, gaining 4.644% and 4.331% in their stock prices. On the other hand, EML Payments Limited (ASX: EML) and Appen Limited (ASX: APX) are the top losing stocks and are declining 21.758% and 14.264% in their stock prices.

Factors influencing the market-

• The technology sector is declining, mirroring heavy losses in NASDAQ after social media company Snap Inc. posted a poor profit report and weak advertising sales.
• EML Payments Limited’s share price lost more than 20% after the company flagged delays in implementing a remediation plan on behalf of the Bank of Ireland at its PFS Card Services business in Ireland.
• FLT’s share price is gaining after the company announced that it expects to report an underlying EBITDA loss between AU$180 million and AU$190 million for the full year, which is less than the previous guidance.
• Dow has closed down by 0.4%, S&P 500 down by 0.9%, and NASDAQ closed higher by 1.9%.
• Hang Seng is down by 0.70%, and FTSE 100 is up by 0.08%.

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