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ASX 200 Adds 0.4% at the Close While Tech Sinks

Stock Markets May 25, 2022 16:57
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By Oliver Gray - The S&P/ASX 200 added 26.4 points or 0.4% to 7,155.2 during Wednesday’s trade, as global growth fears saw investors rotate into gold miners while major technology companies continued to suffer.

Among stocks, Materials were the most improved, up 0.6% as St Barbara Ltd (ASX:SBM) lifted 2.9%, Gold Road Resources Ltd (ASX:GOR) added 2.7%, Northern Star Resources Ltd (ASX:NST) lifted 2.5% and Perseus Mining Ltd (ASX:PRU) gained 4.5%. Meantime, Rio Tinto Ltd (ASX:RIO) added 1.4%, Fortescue Metals Group Ltd (ASX:FMG) slipped 0.4% and BHP Billiton Ltd (ASX:BHP) dipped 10% as the company traded ex-dividend.

Consumer Staples lifted 1.5% as Woolworths Ltd (ASX:WOW) added 1.9%, Coles Group Ltd (ASX:COL) gained 2%, Metcash Ltd (ASX:MTS) added 2.1% and Inghams Group Ltd (ASX:ING) added 2.2%.

Financials finished 0.8% higher with Australia and New Zealand Banking Group Ltd (ASX:ANZ) up 1%, National Australia Bank Ltd (ASX:NAB) lifted 1.8% Westpac Banking Corp (ASX:WBC) added 1.4% and Commonwealth Bank Of Australia (ASX:CBA) gained 1%.

Costa Group Holdings Ltd (ASX:CGC) also surged 8.6% issuing a trading update and forecasting a lift in earnings.

Information Technology lost 3% collectively with Block Inc (ASX:SQ2) down 4.5%, Appen Ltd (ASX:APX) dipping 4.6%, Megaport Ltd (ASX:MP1) down 5.4%, Novonix Ltd (ASX:NVX) falling 3.8% and Brainchip Holdings Ltd (ASX:BRN) down 8.7%.

On the bond markets, Australia 10-Year rates were at 3.235% while United States 10-Year yields were at 2.754%.

In New Zealand, the NZX 50 added 0.7% to 11,173.

ASX 200 Adds 0.4% at the Close While Tech Sinks

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