Australian Shares Finish 1% Lower as Financials Drop 2%

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Australian Shares Finish 1% Lower as Financials Drop 2%
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 75.4 points or 1% to 7,211.2 during Tuesday’s trading session as market participants remained cautious amid persisting inflation pressures across the Europe, while easing lockdown in China sparked a mini rally in commodities.

For the month of May, the ASX 200 fell by 1.85%.

Among stocks, Financials led the declines, down 2% as Macquarie Group Ltd (ASX: MQG ) lost 1.1%. Australia and New Zealand Banking Group Ltd (ASX: ANZ ) fell 2.8%, National Australia Bank Ltd (ASX: NAB ) lost 1.9%, Westpac Banking Corp (ASX: WBC ) slipped 1.5% and Commonwealth Bank Of Australia (ASX: CBA ) lost 2.1%.

Information Technology fell 1.9% respectively, with Block Inc (ASX: SQ2 ) down 3%, Megaport Ltd (ASX: MP1 ) dipping 5.4%, Link Administration Holdings Ltd (ASX: LNK ) down 2.7%, Novonix Ltd (ASX: NVX ) falling 1.2% and Altium Ltd (ASX: ALU ) down 2.8% while Appen Ltd (ASX: APX ) and Brainchip Holdings Ltd (ASX: BRN ) added 2.4% and 0.4% respectively.

Consumer Discretionary declined 1.5% with JB Hi-Fi Ltd (ASX: JBH ) down 1.1%, Domino's Pizza Enterprises Ltd (ASX: DMP ) losing 3.1%, Tabcorp Holdings Ltd (ASX: TAH ) down 3.6%, Aristocrat Leisure Ltd (ASX: ALL ) falling 2.7% and Wesfarmers Ltd (ASX: WES ) down 1%.

On the data front, the ABS released Australia’s current account surplus for the March quarter, coming in below expectations of $13.2 billion. Investors will also be looking ahead to tomorrow’s quarterly GDP data.

On the bond markets, Australia 10-Year yields were at 3.347% while United States 10-Year rates were at 2.846%.

In New Zealand, the NZX 50 added 1.4% to 11,308.

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