Australian Shares Retreat 1.1%, EML Tanks 24.6%

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Australian Shares Retreat 1.1%, EML Tanks 24.6%

By Oliver Gray - The S&P/ASX 200 declined 75.80 points or 1.14% to 6,602.20 during Monday’s trading session, partially retracing gains of 2.1% in the previous week as the Materials and Info Tech sectors led declines.

Among stocks, heavyweight mining companies declined, with Rio Tinto Ltd (ASX: RIO ) down 2.1%, BHP Billiton Ltd (ASX: BHP ) shedding 3.1%, Fortescue Metals Group Ltd (ASX: FMG ) down 2.7% and Champion Iron Ltd (ASX: CIA ) retreating 4%.

Major tech companies suffered, with Block Inc (ASX: SQ2 ) falling 2.6%, Appen Ltd (ASX: APX ) down 2.4%, Novonix Ltd (ASX: NVX ) shedding 11.4%, Brainchip Holdings Ltd (ASX: BRN ) down 3.9% and Xero Ltd (ASX: XRO ) losing 3.2%.

Consumer Discretionary retreated 1.9% as JB Hi-Fi Ltd (ASX: JBH ) fell 1.5%, Domino's Pizza Enterprises Ltd (ASX: DMP ) declined 6.3%, Tabcorp Holdings Ltd (ASX: TAH ) lost 2.9% and Aristocrat Leisure Ltd (ASX: ALL ) lost 2.7%.

Meantime, EML Payments Ltd (ASX: EML ) tanked 24.6% after the surprise exit of its chief executive.

On the bond markets, Australia 10-Year rates were at 3.543% while United States 10-Year yields were at 3.077%.

In New Zealand, the NZX 50 fell 0.6% to 11,106.1.

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