ASX/200 Closed Lower by 0.12%, Dragged Down by Materials Sector

By the end of the trading session on 05 July 2024, the benchmark index S&P/ASX 200 ended lower by 0.12% and settled at 7,822.30. Out of 11 sectors, 5 sectors closed lower along with the ASX 200.

Healthcare and Telecommunication Services are the top-gaining sectors, gaining 0.74% and 0.50% in their index value. Materials and Financial  and  were the top-losing sectors, losing 0.50% and 0.45% respectively in their index values.

West African Resources Limited (ASX: WAF) and Magellan Financial Group Limited (ASX: MFG) are the top-gaining stocks, gaining 5.090% and 4.740% in their stock prices. On the other hand, Boss Energy LTD (ASX: BOE) and Seven Group Holdings Limited (ASX: SVW) went down by 6.143% and 3.726% respectively are the top-losing stocks.

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Top gainer for the day:

• Health Care (Up 0.74%)
• Telecommunication Services (Up 0.50%)

Top loser for the day:

• Materials (Down 0.50%)
• Financial (Down 0.45%)

Other Factors influencing the market:

• Friday saw a little decline in Australian shares as investors watched US jobs data for clues about the future path of interest rates around the world.
• The biggest casualty of the 2% drop in iron ore futures to $US110 a tonne was the mining industry, which saw a 0.5% decline. Rio Tinto down 1.1% to AU$122.87 and BHP fell 0.9% to AU$44.39. A fall of 0.6% in Commonwealth Bank to AU$127.10 and 1.2% in National Australia Bank to AU$35.33 was also attributed to the banking sector.
• In other news, the biggest oil corporation in the world, Saudi Aramco, denied a story from Bloomberg on Thursday indicating that it was thinking about making a bid for Santos. As a result, Santos shares fell 0.1% to AU$7.99 on Thursday after rising 4.2% in response to the first report.
• With shares gaining 5.1% to AU$1.44, West African Resources emerged as the benchmark index's top performer. This recovery came after a 12% decline the day before as a result of a AU$150 million share placement at a price of AU$1.37 per share.
• Building on a 6.1% gain on Thursday, Magellan shares increased 4.7% to AU$9.50 as they maintained their upward trajectory. The investment business stated that June had steady inflows, indicating that the recent withdrawals have stopped.
• On the other hand, Centuria Capital's stock dropped 3.7% to AU$1.58 following a downgrade to a "sell" rating by UBS analysts.
• Oil prices for Brent crude hit their highest level since April in the previous session, holding above AU$87 after data the previous day showed a decline in U.S. inventories.
• Hang Seng is up by 0.28%, and FTSE 100 is up by 0.86%.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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