Australian Shares Down 1.3% as Technology Rout Continues

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Australian Shares Down 1.3% as Technology Rout Continues
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 85 points or 1.27% to 6,601 during Wednesday’s trading session, extending losses for the fourth consecutive day and closing at fresh 16-month lows amid growing inflation fears fueled investor speculation of further aggressive tightening of monetary policies from central bank officials.

Among stocks, Information Technology lost 3.1% collectively, with Block Inc (ASX: SQ2 ) down 7.1%, Appen Ltd (ASX: APX ) falling 5.6%, Megaport Ltd (ASX: MP1 ) shedding 11.1%, Link Administration Holdings Ltd (ASX: LNK ) down 5.3% and Novonix Ltd (ASX: NVX ) tumbling 13.6%.

Real estate companies retreated 2.9% overall as Mirvac Group (ASX: MGR ) fell 2.4%, Charter Hall Group (ASX: CHC ) dipped 7.1%, Goodman Group (ASX: GMG ) lost 4.4% and Scentre Group Ltd (ASX: SCG ) lost 2%.

Energy dipped 2.4%, with Woodside Energy Ltd (ASX: WDS ) declining 3.1%, Santos Ltd (ASX: STO ) falling 1%, Beach Energy Ltd (ASX: BPT ) down 3.1% and Viva Energy Group Ltd (ASX: VEA ) losing 2.1%.

On the bond markets, Australia 10-Year rates were at 8-year highs of 4.201% wile United States 10-Year yields were at 3.398%.

In New Zealand, the NZX 50 eased 0.1% to 10,636.

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