ASX/200 Closed Lower by 1.30%, Dragged down by Consumer Staples

By the end of the trading session on 29 May 2024, the benchmark index S&P/ASX 200 ended lower by 1.30% and settled at 7,665.60.  All 11 sectors lower along with the ASX 200.

Consumer Staples and Industrials were the top-lossing sector, lossing 2.08% and 1.87% respectively in their index values. 

Fisher and Paykel Healthcare Corporation Limited (ASX: FPH) and Alumina Limited (ASX: AWC) are the top-gaining stocks, gaining 3.693% and 3.448% in their stock prices. On the other hand, Neuren Pharmaceuticals Limited (ASX: NEU) and Ramelius Resources Limited (ASX: RMS) are the top-losing stocks and are declining by 9.304% and 7.282% in their stock prices.

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Top loser for the day:

• Consumer Staples (Down 2.08%)
• Industrials (Down 1.87%)

Other Factors influencing the market:

• Fortescue dropped 3.6% to $25.57, and Rio Tinto declined 1.5% to $129.66 as iron ore futures fell for the third consecutive session due to concerns about demand from China, the top steel consumer.
• The benchmark September iron ore contract in China decreased by 1.8% following a loss of more than 2% on Tuesday. Meanwhile, the June contract in Singapore remained steady at $117.75 per tonne, down from a peak above $122 earlier this month.
• BHP rose 0.3% shortly before its shares were halted at the session's end. The mining company requested an extension for its revised offer for Anglo American, with shares last trading at $45.08.
• The Australian dollar briefly climbed to 66.65 US cents following the inflation report but returned to 66.50 US cents, on track for a 2.7% gain for the month.
• The Dow closed down by 0.55%, the S&P 500 edged up by 0.02%, and the NASDAQ increased by 0.59%. 
• The Hang Seng fell by 1.57%, and the FTSE 100 declined by 0.76% today.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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