Australian Shares Trade Flat as Materials Lift, Tech Drags

  • Stock Market News
Australian Shares Trade Flat as Materials Lift, Tech Drags

By Oliver Gray - The S&P/ASX 200 was little changed at 7,150 after the first hour of trade on Tuesday, following gains of 0.1% in the previous session as nervous investors monitored volatile trade on Wall Street overnight while assessing surging inflation pressures and aggressive raising of interest rates from central banks around the world.

ASX 200 Futures were pointing 0.2% lower.

Among stocks, Materials were up 0.3% with Rio Tinto Ltd (ASX: RIO ) adding 0.6%, BHP Billiton Ltd (ASX: BHP ) up 0.5% and Fortescue Metals Group Ltd (ASX: FMG ) adding 0.9%.

Financials also gained 0.5% with Macquarie Group Ltd (ASX: MQG ) up 0.1%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 0.4%, National Australia Bank Ltd (ASX: NAB ) up 0.8%, Westpac Banking Corp (ASX: WBC ) lifting 0.4% and Commonwealth Bank Of Australia (ASX: CBA ) up 0.5%.

Information Technology was the largest drag on the index, down 2.7% with Block Inc (ASX: SQ2 ) down 6.1%, Appen Ltd (ASX: APX ) down 1.8%, Megaport Ltd (ASX: MP1 ) falling 0.7%, Link Administration Holdings Ltd (ASX: LNK ) dipping 1.1% and Technology One Ltd (ASX: TNE ) slipping 4.8%.

Meantime, Tabcorp Holdings Ltd (ASX: TAH ) traded 81.1% lower after completing a demerger.

On the bond markets, Australia 10-Year yields were at 3.323% while United States 10-Year rates were at 2.841%.

In New Zealand, the NZX 50 was 0.4% lower at 11,276.4.

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