Australian Shares Down 0.15% as Tech Sinks

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Australian Shares Down 0.15% as Tech Sinks
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 10.80 points or 0.15% to 7,076.90 on Thursday, easing from gains of 1.17% in the previous session as market participants rotated away from risky technology stocks following a pullback in the nasdaq futures after Meta platforms plunged over 20% on weaker than expected earnings results overnight.

ASX 200 Futures were down 0.12%.

Among stocks, the Technology led losses, slumping 5.48% as Appen Ltd (ASX: APX ) dropped 6.65%, Megaport Ltd (ASX: MP1 ) lost 7.2%, Novonix Ltd (ASX: NVX ) fell 8.18% Brainchip Holdings Ltd (ASX: BRN ) lost 7.955, Altium Ltd (ASX: ALU ) dropped 4.13%, Computershare Ltd. (ASX: CPU ) fell 2.61%, Xero Ltd (ASX: XRO ) dipped 6.38% and Wisetech Global Ltd (ASX: WTC ) shed 7.62%.

Financials were also mixed as Macquarie Group Ltd (ASX: MQG ) slumped 1.54% and Commonwealth Bank Of Australia (ASX: CBA ) lost 1.18% while Australia and New Zealand Banking Group Ltd (ASX: ANZ ) gained 0.19%, National Australia Bank Ltd (ASX: NAB ) added 0.18% and Westpac Banking Corp (ASX: WBC ) lifted 2.31%, despite reporting a 20% drop in first-quarter cash earnings.

Materials were higher overall, with Rio Tinto Ltd (ASX: RIO ) up 1.82%, BHP Billiton Ltd (ASX: BHP ) adding 2.21% and Fortescue Metals Group Ltd (ASX: FMG ) up 1.86% while Lake Resources NL (ASX: LKE ) dropped 4.86%, Arizona Lithium Ltd (ASX: AZL ) lost 6.06% and Jervois Global Limited (ASX: JRV ) shed 3.48%.

Meantime, agricultural chemical company Nufarm Ltd (ASX: NUF ) shares surged 14.41% after reporting that revenue for the first quarter of the 2022 financial year is up 36% from the first quarter of the 2021 financial year amid good weather conditions and strong demand for crop protection.

On the bond markets, Australia 10-Year rates were at 1.853% while United States 10-Year yields were at 1.772%.

In New Zealand, the NZX 50 added just 0.07% to 12,299.

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