Australian Shares Retreat 1.1% as Info Tech Suffers

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Australian Shares Retreat 1.1% as Info Tech Suffers

By Oliver Gray - The S&P/ASX 200 fell 1.1% to 7,158.4 after the first hour of Thursday’s trade, reversing gains of 0.3% in the previous session as investors tracked a lower close on Wall Street overnight as persistently high inflation pressures soured risk sentiment.

ASX 200 Futures were pointing 0.3% lower.

Among stocks, Information Technology fell 2.4% with Block Inc (ASX: SQ2 ) fell 6.2%, Appen Ltd (ASX: APX ) lost 0.6%, Megaport Ltd (ASX: MP1 ) fell 3.3% and Xero Ltd (ASX: XRO ) dipped 2.7%.

Energy bucked the trend, adding 2.6% as Woodside Energy Ltd (ASX: WDS ) added 4.9% while Santos Ltd (ASX: STO ) and South32 Ltd (ASX: S32 ) retreated 1.7% and 0.8% respectively.

Financials fell 1.4% as Macquarie Group Ltd (ASX: MQG ) lost 2.7%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) fell 1%, National Australia Bank Ltd (ASX: NAB ) dipped 0.9%, Westpac Banking Corp (ASX: WBC ) dropped 0.8% and Commonwealth Bank Of Australia (ASX: CBA ) eased 1.5%.

On the bond markets, Australia 10-Year yields were at 3.486% while United States 10-Year rates were at 2.913%.

In New Zealand, the NZX 50 fell 0.6% to 11,303.3.

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