ASX 200 Closes 0.5% Lower as Technology Drags

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ASX 200 Closes 0.5% Lower as Technology Drags

By Oliver Gray - The S&P/ASX 200 dipped 32.5 points or 0.5% to 7206.3 during Monday’s trade, easing from gains of 0.8% in the previous week as Information Technology and Telecommunication companies led the declines.

Among stocks, Block Inc (ASX: SQ2 ) fell 3.2%, Appen Ltd (ASX: APX ) lost 3.3%, Megaport Ltd (ASX: MP1 ) fell 3.5%, Codan Ltd (ASX: CDA ) fell 3.6% and Xero Ltd (ASX: XRO ) eased 1.5% while Novonix Ltd (ASX: NVX ) and Brainchip Holdings Ltd (ASX: BRN ) dipped 3.8% apiece.

Meantime, Rea Group Ltd (ASX: REA ) declined 1.7%, Domain Holdings Australia Ltd (ASX: DHG ) fell 2.5%, Seek Ltd (ASX: SEK ) lost 2.4% and Telstra Corporation Ltd. (ASX: TLS ) eased 0.8%.

Materials were 0.9% lower overall as Rio Tinto Ltd (ASX: RIO ) dipped 0.2%, BHP Billiton Ltd (ASX: BHP ) fell 0.9% and Fortescue Metals Group Ltd (ASX: FMG ) lost 0.3%.

Financials also eased 0.6% collectively with Macquarie Group Ltd (ASX: MQG ) down 0.6%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) falling 0.8% National Australia Bank Ltd (ASX: NAB ) down 0.5%, Westpac Banking Corp (ASX: WBC ) falling 0.3% and Commonwealth Bank Of Australia (ASX: CBA ) easing 0.5%.

Magellan Financial Group Ltd (ASX: MFG ) also dived 13.9% after revealing its funds under management fell by $3.6 billion in May.

On the bond markets, Australia 10-Year rates were at 3.481% while United States 10-Year yields were at 2.944%.

In New Zealand, the NZX 50 added 0.6% to 11,417.

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