Australian Shares Finish 0.2% Lower, Tech Leads Declines

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Australian Shares Finish 0.2% Lower, Tech Leads Declines
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 finished Wednesday’s session 15.3 points or 0.2% lower at 6,508.5 as investors retreated from Information Technology and Consumer Discretionary sectors on fears of a looming economic downturn.

Among stocks, Block Inc (ASX: SQ2 ) lost 1.4%, Appen Ltd (ASX: APX ) lost 0.4%, Megaport Ltd (ASX: MP1 ) fell 2.2%, Novonix Ltd (ASX: NVX ) shed 7% and Brainchip Holdings Ltd (ASX: BRN ) lost 3.8%.

Zip Co Ltd (ASX: ZIP ) shed 11.4% amid growing calls for the business to retreat from both the U.S. and the U.K.

Real estate stocks dipped 0.9%, with Charter Hall Group (ASX: CHC ) down 3%, Goodman Group (ASX: GMG ) falling 1.6% and Scentre Group Ltd (ASX: SCG ) down 1.5%.

Meantime, JB Hi-Fi Ltd (ASX: JBH ) fell 0.4%, Domino's Pizza Enterprises Ltd (ASX: DMP ) lost 0.1%, Aristocrat Leisure Ltd (ASX: ALL ) fell 3.4% and Wesfarmers Ltd (ASX: WES ) dipped 0.7%.

Utilities outperformed during the session, adding 1.7% collectively as Mercury NZ Ltd (ASX: MCY ) gained 4%, Origin Energy Ltd (ASX: ORG ) added 0.2%, APA Group (ASX: APA ) lifted 4.2% and AGL Energy Ltd (ASX: AGL ) gained 0.5%.

Energy also lifted 1.2%, with Woodside Energy Ltd (ASX: WDS ) up 2%, Santos Ltd (ASX: STO ) adding 1.2%, Beach Energy Ltd (ASX: BPT ) up 2.8% and Viva Energy Group Ltd (ASX: VEA ) lifted 1.4%.

On the bond markets, Australia 10-Year rates eased to 3.985% while United States 10-Year yields fell to 3.235%.

In New Zealand, the NZX 50 dipped 0.3% to 10,679.

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