Australian Shares Finish 1.8% Lower, Entering Correction Territory

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Australian Shares Finish 1.8% Lower, Entering Correction Territory
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 lost 123.30 points or 1.77% to 6,838.30 during Thursday’s trade, touching fresh 9-month lows and falling 10.4% from its August highs as plans for interest rate hikes at the U.S. Federal Reserve sapped risk sentiment and stoked a surge in bond yields.

Among stocks, the Technology sector tanked 5%, with Appen Ltd (ASX: APX ) down 4.79%, Megaport Ltd (ASX: MP1 ) falling 9.46%, Novonix Ltd (ASX: NVX ) tumbling 11.18%, Brainchip Holdings Ltd (ASX: BRN ) down 14.51%, Block Inc (ASX: SQ2 ) dropping 7.94%, Xero Ltd (ASX: XRO ) falling 6.69%, Codan Ltd (ASX: CDA ) diving 10.22% and Wisetech Global Ltd (ASX: WTC ) down 15.41%.

Financials suffered losses, with Macquarie Group Ltd (ASX: MQG ) falling 3.85%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) losing 1.92%, Commonwealth Bank Of Australia (ASX: CBA ) down 1.75%, National Australia Bank Ltd (ASX: NAB )  falling 0.37% and Westpac Banking Corp (ASX: WBC ) losing 0.25%.

Materials stocks closed lower overall, as Fortescue Metals Group Ltd (ASX: FMG ) slipped 0.1%, Pilbara Minerals Ltd (ASX: PLS ) lost 2.77%, Arizona Lithium Ltd (ASX: AZL ) dropped 15.62%, Lynas Rare Earths Ltd (ASX: LYC ) fell 6.35% and OZ Minerals Ltd (ASX: OZL ) lost 2.89%. Meantime, Rio Tinto Ltd (ASX: RIO ) gained 2.82%, BHP Billiton Ltd (ASX: BHP ) added 1.42%, Champion Iron Ltd (ASX: CIA ) gained 2.46%, Lake Resources NL (ASX: LKE ) gained 3.59%, Magnis Resources Ltd (ASX: MNS ) lifted 2.17% and Avz Minerals Ltd (ASX: AVZ ) added 0.76%.

Energy stocks bucked the trend, gaining around 2.1% as Woodside Petroleum Ltd (ASX: WPL ) added 2.49%, Santos Ltd (ASX: STO ) lifted 3.57% and Beach Energy Ltd (ASX: BPT ) added 8.81%.

On the bond markets, Australia 10-Year yields were near fresh 3-year highs of 2.013% while United States 10-Year rates were at 1.848%.

In New Zealand, the NZX 50 fell 1.11% to 12,050.

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