Australian Shares Retreat 3.6% to Close at 15-Month Lows

  • Stock Market News
Australian Shares Retreat 3.6% to Close at 15-Month Lows

By Oliver Gray - The S&P/ASX 200 lost 246.00 points or 3.55% to 6,686 during Tuesday’s trade, falling to fresh 15-month lows as risk sentiment soured amid growing concerns of a global slowdown while bond yields surged.

Among stocks, Energy companies led the declines, down 4.9%, with Woodside Energy Ltd (ASX: WDS ) down 5.3%, Santos Ltd (ASX: STO ) falling 5%, Beach Energy Ltd (ASX: BPT ) down 5.6% and Viva Energy Group Ltd (ASX: VEA ) dipping 3.1%.

Materials tumbled 4.4% overall as iron ore prices fell after reports of fresh COVID-19 outbreaks in China. Rio Tinto Ltd (ASX: RIO ) and BHP Billiton Ltd (ASX: BHP ) lost 4.2% apeice, while Fortescue Metals Group Ltd (ASX: FMG ) fell 8.5% and Champion Iron Ltd (ASX: CIA ) dropped 8.8%.

Information Technology plunged 4.5% as Appen Ltd (ASX: APX ) fell 0.7%, Megaport Ltd (ASX: MP1 ) lost 3.9%, Novonix Ltd (ASX: NVX ) dipped 8%, Brainchip Holdings Ltd (ASX: BRN ) fell 4% and Wisetech Global Ltd (ASX: WTC ) dropped 6%.

Financials fell 3.7% collectively, with Macquarie Group Ltd (ASX: MQG ) down 5.2%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) falling 4.6%, National Australia Bank Ltd (ASX: NAB ) down 4.3%, Westpac Banking Corp (ASX: WBC )  dropping 3.7% and Commonwealth Bank Of Australia (ASX: CBA ) falling 2.8%.

On the bond markets, Australia 10-Year rates were at 3.943%, the highest levels since April 2014, while United States 10-Year rates were near fresh 11-year highs of 3.305%.

In New Zealand, the NZX 50 fell 2.6% to 10,641.4.

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