S&P/ASX 200 Trading Lower; Dragged Down by Utilities and Materials Sector

On 26 May 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 33.70 points or 0.47%, and is currently trading at 7,121.50 levels. 5 out of 11 sectors are trading lower along with the S&P/ASX 200.

The Information Technology and A-REIT sectors are the top 2 gaining sectors and gaining 1.92% and 0.62% in their index values. On the other hand, the Utilities and Materials sectors are the top 2 losing sectors, declining 1.26% and 1.21% in their index values.

Appen Limited (ASX: APX) and Tyro Payments Limited (ASX: TYR) are the top gaining stocks, gaining 25.000% and 6.060% in their stock prices. On the other hand, Whitehaven Coal Limited (ASX: WHC) and Ramelius Resources Limited (ASX: RMS) are the top losing stocks and are declining 8.885% and 3.637% in their stock prices.

Factors influencing the market-

• Appen Limited’s share price is gaining after the company received a $1.2 billion takeover bid from Canada-listed Telus International.
• The Information Technology sector is rising by more than 2%, mirroring the gain in the NASDAQ in the previous session as the latest Federal Reserve meeting minutes met expectations for a faster pace of rate rises to combat persistently high inflation.
• Dow has closed up by 0.6%, S&P 500 up by 1.0%, and NASDAQ closed higher by 1.5%.
• Hang Seng is down by 0.34%, and FTSE 100 is up by 0.51%.

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