Australian Shares Extend Declines Amid Tech Rout

  • Stock Market News
Australian Shares Extend Declines Amid Tech Rout
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 56.80 points or 0.78% to 7,261.20 during Wednesday’s trade, extending declines from the previous session and closing at fresh 6-week lows as investors digested local inflation data while tracking a strong retreat in U.S. equities overnight.

Among stocks, Information Technology fell 2.4% collectively, with Block Inc (ASX: SQ2 ) down 5.9%, Appen Ltd (ASX: APX ) falling 4.3%, Altium Ltd (ASX: ALU ) down 0.8% and Technology One Ltd (ASX: TNE ) dipping 2.4%.

Consumer Staples suffered, down 1.9% as Woolworths Ltd (ASX: WOW ) dropped 2.5%, Coles Group Ltd (ASX: COL ) lost 2% and Graincorp Ltd (ASX: GNC ) fell 2.2%.

Financials finished 1.6% lower overall as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 2.6%, National Australia Bank Ltd (ASX: NAB ) fell 1.7%, Westpac Banking Corp (ASX: WBC ) lost 1.9% and Commonwealth Bank Of Australia (ASX: CBA ) shed 1.7%.

Meanwhile, Energy companies are up 1% while Real estate stocks finished 0.3% higher.

Life360 Inc (ASX: 360 ) also plummeted 29.4% after an update, while Credit Corp Group Ltd (ASX: CCP ) shed 9.5%.

On the data front, consumer prices jumped by 2.1% through the first three months of the year, taking annual inflation to its highest level in more than 20 years.

On the bond markets, Australia 10-Year rates were at 3.058% while United States 10-Year yields were at 2.772%.

In New Zealand, the NZX 50 fell 0.7% to 11,726.

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