ASX 200 Dips 0.2% as Falling Commodities Weigh on Energy, Materials By Investing.com

ASX 200 Dips 0.2% as Falling Commodities Weigh on Energy, Materials

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By Oliver Gray

Investing.com - The S&P/ASX 200 lost 6.3 points or 0.1% to 6,522.1 after the first hour of Friday’s trade, partially retracing gains of 0.3% made in the previous session as falling Iron ore, Copper and Brent oil prices dragged the Energy and Materials sectors lower.

ASX 200 Futures were pointing 0.2% lower.

Energy lost 2% with Woodside Energy Ltd (ASX:WDS) down 2.2%, Santos Ltd (ASX:STO) falling 2.2% and Beach Energy Ltd (ASX:BPT) down 2.2%.

Materials fell 0.6% with Rio Tinto Ltd (ASX:RIO) down 1.8%, BHP Billiton Ltd (ASX:BHP) falling 1.9%, Fortescue Metals Group Ltd (ASX:FMG) losing 1.6% and Champion Iron Ltd (ASX:CIA) down 0.8%.

Information Technology increased 3.3% collectively amid easing bond yields. Block Inc (ASX:SQ2) rallied 8.7%, Appen Ltd (ASX:APX) lifted 5.3%, Altium Ltd (ASX:ALU) added 3.2% and Xero Ltd (ASX:XRO) gained 3.9%.

On the bond markets, Australia 10-Year rates were lower at 3.728% while United States 10-Year yields were at 3.1% as weak economic data from Europe and the U.S. added to growing recessionary fears.

In New Zealand, the NZX 50 remained closed for a public holiday.

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