ASX 200 Sheds 1.2% To Fresh 2-Month Lows

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ASX 200 Sheds 1.2% To Fresh 2-Month Lows
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 dipped 85.00 points or 1.18% to 7,120.60 during Monday’s deals, extending losses of 3.3% last week and closing at fresh 2-month lows as the prospect of rising interest rates both locally and abroad sapped risk sentiment while continued supply concerns due to China’s lockdowns also kept investors on the back foot.

Among stocks, real estate companies were hardest hit, down 4.2% as Mirvac Group (ASX: MGR ) fell 4.4%, Charter Hall Group (ASX: CHC ) lost 4.2%, Goodman Group (ASX: GMG ) shed 7% and Scentre Group Ltd (ASX: SCG ) lost 3.6%.

Information Technology fell 3.2% as Block Inc (ASX: SQ2 ) fell 6.2%, Megaport Ltd (ASX: MP1 ) lost 8.6%, Novonix Ltd (ASX: NVX ) shed 12.3%, Xero Ltd (ASX: XRO ) dipped 2.6% and Wisetech Global Ltd (ASX: WTC ) lost 4.9%.

Materials finished 2.1% lower as iron ore prices fell, with Rio Tinto Ltd (ASX: RIO ) down 2.3%, BHP Billiton Ltd (ASX: BHP ) falling 1.3%, Fortescue Metals Group Ltd (ASX: FMG ) losing 5.8% and Champion Iron Ltd (ASX: CIA ) declining 4.6%.

Meantime, Magellan Financial Group Ltd (ASX: MFG ) dived 8.4% after announcing it is selling its stake in Mexican chain Guzman y Gomez, while Westpac Banking Corp (ASX: WBC ) advanced 3.2% the company’s first-half profit beat expectations and Australia and New Zealand Banking Group Ltd (ASX: ANZ ) dropped 2.7% as it traded ex-dividend.

On the bond markets, Australia 10-Year rates were at 3.558% while United States 10-Year yields were at 3.155%.

In New Zealand, the NZX 50 shed 2% to 11,382.

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