Australian Shares Decline 0.4%, Zip Co Touches 2-Year Lows

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Australian Shares Decline 0.4%, Zip Co Touches 2-Year Lows

By Oliver Gray 

Investing.com - The S&P/ASX 200 31.20 points or 0.42% to 7,454.00 on Tuesday, weighed down by losses across the healthcare and technology sectors as investors rotated away from riskier assets amid surging long term bond yields.

Among stocks, Information Technology fell 0.9% as Block Inc (ASX: SQ2 ) lost 0.4%, Appen Ltd (ASX: APX ) dipped 3.1%, Megaport Ltd (ASX: MP1 ) shed 4.7% and Novonix Ltd (ASX: NVX ) lost 5.5%.

Health Care also suffered as CSL Ltd (ASX: CSL ) lost 1.3%, Sonic Healthcare Ltd (ASX: SHL ) fell 0.6%, Fisher & Paykel Healthcare Ltd (ASX: FPH ) dipped 2.3% and Resmed Inc (ASX: RMD ) lost 3.4%.

Financials finished 0.2% lower as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 1%, National Australia Bank Ltd (ASX: NAB ) fell 0.1%, Westpac Banking Corp (ASX: WBC ) lost 0.4%, Commonwealth Bank Of Australia (ASX: CBA ) dipped 0.2% while Macquarie Group Ltd (ASX: MQG ) added 0.6%.

Meantime, Zip Co Ltd (ASX: Z1P ) fell 5.7% to fresh two-year lows after Afterpay-owner Block released accounts showing that Afterpay’s net loss ballooned to $A345.5 million for the six months ended last December 31 from $79.2 million in the year-earlier period.

On the bond markets, Australia 10-Year rates were at 7-year highs of 3.083% while United States 10-Year yields were at 40-month highs of 2.822%.

In New Zealand, the NZX 50 dipped 0.4% to 11,889.

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