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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
ASX 200 Closes 0.5% Lower as Technology Drags
© Reuters
By Oliver Gray
Investing.com - The S&P/ASX 200 dipped 32.5 points or 0.5% to 7206.3 during Monday’s trade, easing from gains of 0.8% in the previous week as Information Technology and Telecommunication companies led the declines.
Among stocks, Block Inc (ASX:SQ2) fell 3.2%, Appen Ltd (ASX:APX) lost 3.3%, Megaport Ltd (ASX:MP1) fell 3.5%, Codan Ltd (ASX:CDA) fell 3.6% and Xero Ltd (ASX:XRO) eased 1.5% while Novonix Ltd (ASX:NVX) and Brainchip Holdings Ltd (ASX:BRN) dipped 3.8% apiece.
Meantime, Rea Group Ltd (ASX:REA) declined 1.7%, Domain Holdings Australia Ltd (ASX:DHG) fell 2.5%, Seek Ltd (ASX:SEK) lost 2.4% and Telstra Corporation Ltd. (ASX:TLS) eased 0.8%.
Materials were 0.9% lower overall as Rio Tinto Ltd (ASX:RIO) dipped 0.2%, BHP Billiton Ltd (ASX:BHP) fell 0.9% and Fortescue Metals Group Ltd (ASX:FMG) lost 0.3%.
Financials also eased 0.6% collectively with Macquarie Group Ltd (ASX:MQG) down 0.6%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 0.8% National Australia Bank Ltd (ASX:NAB) down 0.5%, Westpac Banking Corp (ASX:WBC) falling 0.3% and Commonwealth Bank Of Australia (ASX:CBA) easing 0.5%.
Magellan Financial Group Ltd (ASX:MFG) also dived 13.9% after revealing its funds under management fell by $3.6 billion in May.
On the bond markets, Australia 10-Year rates were at 3.481% while United States 10-Year yields were at 2.944%.
In New Zealand, the NZX 50 added 0.6% to 11,417.
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