ASX/200 Closed Lower by 0.35%, Dragged down by Materials

By the end of the trading session on 08 October 2024, the benchmark index S&P/ASX 200 closed lower by 0.35% and settled at 8,176.90. Out of 11 sectors, 07 sectors ended higher along with the S&P/ASX 200.

Healthcare and Utilties are the top- gaining sectors, gaining 0.75% and 0.29% in their index value. Whereas, Materials and Information Technology are the top-losing sectors, losing 1.74% and 1.07% in their index value.

West African Resources Limited (ASX: WAF) and Credit Corp Group Limited (ASX: CCP) are the top-gaining stocks, gaining 7.462% and 3.710% in their stock prices. On the other hand, IGO Limited  (ASX: IGO) and Fortescue Limited (ASX: FMG) went down by 5.508% and 5.308% respectively are the top-losing stocks.

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Top gainer for the day:

• Healthcare (Up 0.75%)
• Utilities (Up 0.29%)

Top loser for the day:

• Materials (Down 1.74%)
• Information Technology (Down 1.07%)

Other Factors influencing the market:

• West African Resources rose 7.5% to $1.44, recovering part of the 20% decline it experienced the previous day due to concerns over its mining permits in Burkina Faso.
• Incitec Pivot's CFO, Paul Victor, is set to step down from his role, remaining in position until February 15. The company’s shares dipped 0.7% to $2.97.
• Brent crude oil fell below $80 per barrel as hopes for further economic stimulus from China diminished, triggering a broader market sell-off.
• The World Bank forecasts a slowdown in China's growth next year despite recent stimulus efforts, potentially affecting neighboring economies such as Australia and Indonesia.
• The Dow closed 0.94% lower, the S&P 500 dropped by 0.96%, and the NASDAQ fell by 1.17%.
• The Hang Seng increased by 1.60% and the FTSE 100 edged up by 0.28%.

Top 5 Gainers and Losers Scoreboard

90-Day Average Volume Outlier:

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