ASX 200 Finishes 0.5% Lower as Energy, Miners Drag

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ASX 200 Finishes 0.5% Lower as Energy, Miners Drag
Credit: © Reuters.

Oliver Gray - The S&P/ASX 200 lost 37.00 points or 0.51% to 7,206.90 on Tuesday, retracing gains of 0.4% in the previous session as softer iron ore prices dragged on miners, while energy stocks were hit as crude oil prices eased from fresh 7-year highs as market participants closely monitor the potential of a Russian invasion of Ukraine.

Energy stocks posted the largest declines, down 3.1% following yesterday’s rally of 3.36%. Beach Energy Ltd (ASX: BPT ) lost 10.46%, Woodside Petroleum Ltd (ASX: WPL ) lost 2.52% and Santos Ltd (ASX: STO ) fell 4.15%.

Materials also fell 1.03%. Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ) and Fortescue Metals Group Ltd (ASX: FMG ) finished 2.33%, 0.31% and 5.1% lower respectively , while Pilbara Minerals Ltd (ASX: PLS ) lost 1.97%, Arizona Lithium Ltd (ASX: AZL ) fell 7.14%, Lake Resources NL (ASX: LKE ) gained 1.19%, Magnis Resources Ltd (ASX: MNS ) dipped 3.23%, Avz Minerals Ltd (ASX: AVZ ) shed 9.88%, Lynas Rare Earths Ltd (ASX: LYC ) lost 0.34%, OZ Minerals Ltd (ASX: OZL ) added 0.16% and Piedmont Lithium Ltd (ASX: PLL ) gained 0.74%.

Financials posted declines of 0.89% collectively, with Macquarie Group Ltd (ASX: MQG ) down 0.18%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) falling 1.42%, National Australia Bank Ltd (ASX: NAB ) down 0.03%, Westpac Banking Corp (ASX: WBC ) losing 3.39% and Commonwealth Bank Of Australia (ASX: CBA ) dipping 0.55%.

Technology companies finished 0.97% higher overall. Block Inc (ASX: SQ2 ) added 4.23%, Zip Co Ltd (ASX: Z1P ) eased 0.37%, Appen Ltd (ASX: APX ) gained 1.93%, Megaport Ltd (ASX: MP1 ) lifted 1.78%, Novonix Ltd (ASX: NVX ) dipped 2.07%, Brainchip Holdings Ltd (ASX: BRN ) shed 4.39%, Altium Ltd (ASX: ALU ) gained 2.21% and Technology One Ltd (ASX: TNE ) added 0.97%.

In policy news, the RBA meeting minutes were released today, showing policymakers reiterating patience before lifting the cash rate for the first time in a decade, noting that “Wages growth remained modest and it was likely to be some time before aggregate wages growth would be at a rate consistent with inflation being sustainably at target.”

The minutes also noted that the unemployment rate was at its lowest level since 2008 and underlying inflation was in the middle of the target range for the first time since 2014.

On the bond markets, Australia 10-Year yields were near fresh 35-month highs of 2.18% while United States 10-Year rates were at 1.977%.

In New Zealand, the NZX 50 lost 0.1% to 11,938.

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