ASX Declines 1% as Diplomats Evacuate Ukraine

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ASX Declines 1% as Diplomats Evacuate Ukraine
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 72.30 points or 1% to 7,161.30 to 2-week lows during Tuesday’s deals as investors retreated from risk-sensitive assets such as technology shares while safe-haven bets such as energy and gold stocks lifted after reports that Foreign Minister Marise Payne ordered Australian diplomats to evacuate Ukraine amid the mounting threat of a Russian invasion.

Information Technology was worst affected, falling 3.2%. Appen Ltd (ASX: APX ) lost 4.46%, Megaport Ltd (ASX: MP1 ) dipped 4.22%, Block Inc (ASX: SQ2 ) lost 4.33%, Novonix Ltd (ASX: NVX ) fell 5.98%, Brainchip Holdings Ltd (ASX: BRN ) dipped 7.72% and Xero Ltd (ASX: XRO ) lost 3.13%.

Materials were down 1.05% as Rio Tinto Ltd (ASX: RIO ) lost 1.41%, BHP Billiton Ltd (ASX: BHP ) fell 0.89%, Fortescue Metals Group Ltd (ASX: FMG ) lost 1.48%, Lake Resources NL (ASX: LKE ) closed flat at 0.905, European Lithium Ltd (ASX: EUR ) plummeted 19.05%, Avz Minerals Ltd (ASX: AVZ ) lost 9.43%, Pilbara Minerals Ltd (ASX: PLS ) fell 4.78%, Bluescope Steel Ltd (ASX: BSL ) added 2.18% and Auking Mining Ltd (ASX: AKN ) dipped 10.2%. Gold miners lifted as XAU/USD climbed to fresh 7-month highs, with Newcrest Mining Ltd (ASX: NCM ) climbing 2.32%, Northern Star Resources Ltd (ASX: NST ) adding 4.63% and Evolution Mining Ltd (ASX: EVN ) up 2.84%.

Financials finished 1.48% lower, with Macquarie Group Ltd (ASX: MQG ) down 1.8%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) falling 0.99%, National Australia Bank Ltd (ASX: NAB ) losing 1.56%, Westpac Banking Corp (ASX: WBC ) down 1.22% and Commonwealth Bank Of Australia (ASX: CBA ) dropping 2.09%, while Tyro Payments Ltd (ASX: TYR ) lost 10.61%, extending declines from yesterday’s session after reporting weaker than expected results.

On the bond markets, Australia 10-Year rates were at 2.196%, while United States 10-Year yields were at 1.866%.

In New Zealand, the NZX 50 was down 0.34% to 12,115.

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