ASX 200 Ends Just 0.1% Higher as Bond Yields Surge

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ASX 200 Ends Just 0.1% Higher as Bond Yields Surge
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 climbed 0.1%, or 7.2 points, to 7485.2 on Monday, with major banks supporting broader sentiment while the technology sector suffered.

Among stocks, Financial companies finished 0.8% higher collectively as bond yields pushed to multi-year peaks. Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.7%, National Australia Bank Ltd (ASX: NAB ) lifted 1.5%, Westpac Banking Corp (ASX: WBC ) gained 0.6% and Commonwealth Bank Of Australia (ASX: CBA ) increased 1.4%, while, Macquarie Group Ltd (ASX: MQG ) retreated 0.9%.

Consumer Discretionary finished 0.7% lower as Wesfarmers Ltd (ASX: WES ) lost 1.2%, Aristocrat Leisure Ltd (ASX: ALL ) dropped 1.4% and Domino's Pizza Enterprises Ltd (ASX: DMP ) declined 1.9%.

Technology companies also fell 0.8% overall as Block Inc (ASX: SQ2 ) finished 2.3% lower, Appen Ltd (ASX: APX ) lost 2.7%, Megaport Ltd (ASX: MP1 ) fell 3.1%, Novonix Ltd (ASX: NVX ) 2.8% and Brainchip Holdings Ltd (ASX: BRN ) lost 4.7%.

Meantime, Lake Resources NL (ASX: LKE ) rose 7% after signing a non-binding agreement with Ford Motor Company (NYSE: F ) for delivery of about 25,000 tonnes of lithium per year from its Kachi lithium brine project in Argentina.

On the bond markets, Australia 10-Year rates were at fresh 7-year highs of 3.014% while United States 10-Year yields touched fresh 39-month highs of 2.771%.

In New Zealand, the NZX 50 fell 1.1% to 11,932.

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