Australian Shares Trade Flat as Big Tech Drags

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Australian Shares Trade Flat as Big Tech Drags
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 was down just 7.40 points today to 7,403.20 in Wednesday’s trade as market participants digested rising long term bond yields and US President Joe Biden's decision to release strategic oil stockpiles on Tuesday.

ASX 200 Futures were trading 0.26% lower.

Among stocks, major technology names fell, with Appen Ltd (ASX: APX ) down 0.61%, Afterpay Touch Group Ltd (ASX: APT ) falling 1.33%, Wisetech Global Ltd (ASX: WTC ) losing 2.4% and Xero Ltd (ASX: XRO ) dipping 0.59%. Technology One Ltd (ASX: TNE ) also plunged 8.61% after more analyst downgrades.

Energy stocks moved higher with Oil Search Ltd (ASX: OSH ) up 1.9%, Santos Ltd (ASX: STO ) gaining 2.23%, Woodside Petroleum Ltd (ASX: WPL ) up 2.58% and Beach Energy Ltd (ASX: BPT ) lifting 2.4% after President Joe Biden announced on Tuesday that he would tap strategic petroleum reserves to combat rising oil prices.

Major miners also lifted with BHP Billiton Ltd (ASX: BHP ) up 0.81%, Rio Tinto Ltd (ASX: RIO ) adding 0.14% and Fortescue Metals Group Ltd (ASX: FMG ) gaining 1.27%.

ASX Ltd (ASX: ASX ) fell 0.85% after The Australian Securities and Investments Commission (ASIC) imposed additional license obligations on the Australian Securities Exchange after a technical menltdown in November last year suspended trading for a day and triggered calls for class actions.

Webjet Ltd (ASX: WEB ) added 1.97% after reporting a half-year net loss of $A61.8 million for the six months to September 30. Other airlines were mixed, with Flight Centre Ltd (ASX: FLT ) up 0.27% while Qantas Airways Ltd (ASX: QAN ) fell 0.95%.

On the bond markets, Australia 10-Year rates were higher at 1.926%, while United States 10-Year yields traded near fresh 6-month highs of 1.676%.

In New Zealand, the NZX 50 was little changed at 12,691.

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