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ASX 200 Down 0.3% as Info Tech and Financials Slip

Stock Markets May 31, 2022 10:59
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 17.9 points or 0.3% to 7,268.7 after the first hour of Tuesday’s trade, partially retracing gains of 1.5% in the previous session, as stronger commodity prices pushed energy and materials higher while info tech and financials slipped.

ASX 200 Futures were pointing 0.3% lower.

Among stocks, Rio Tinto Ltd (ASX:RIO) added 0.8%, BHP Billiton Ltd (ASX:BHP) lifted 0.3%, Fortescue Metals Group Ltd (ASX:FMG) gained 0.7% and Champion Iron Ltd (ASX:CIA) added 2.3% as Iron ore prices moved higher as China eased restrictions on movements and manufacturing in major cities.

Energy was 0.2% higher as Santos Ltd (ASX:STO) gained 0.8%, Beach Energy Ltd (ASX:BPT) lifted 3.1%, South32 Ltd (ASX:S32) added 0.2% while Woodside Energy Ltd (ASX:WDS) dipped 0.8%.

Information Technology fell 0.8% overall with Block Inc (ASX:SQ2) falling 3%, Megaport Ltd (ASX:MP1) down 1.9%, Link Administration Holdings Ltd (ASX:LNK) dipping 0.7%, Novonix Ltd (ASX:NVX) down 0.5% and Brainchip Holdings Ltd (ASX:BRN) easing 1.8%.

Financials were 0.6% lower collectively, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) down 0.9%, National Australia Bank Ltd (ASX:NAB) falling 0.5%, Westpac Banking Corp (ASX:WBC) dipping 0.7% and Commonwealth Bank Of Australia (ASX:CBA) falling 0.7% while Macquarie Group Ltd (ASX:MQG) added 0.6%.

Telecommunication companies also dipped 0.9% as Rea Group Ltd (ASX:REA) lost 1.2%, Domain Holdings Australia Ltd (ASX:DHG) fell 1.8%, Telstra Corporation Ltd. (ASX:TLS) eased 0.5% and Seek Ltd (ASX:SEK) shed 2.7%

On the data front, investors will be looking towards monthly building approvals and current account data, while the quarterly GDP print on Tuesday will also be closely watched.

On the bond markets, Australia 10-Year yields were at 3.329% while United States 10-Year rates were at 2.85%.

In New Zealand, the NZX 50 added 0.4% to 11,199.

ASX 200 Down 0.3% as Info Tech and Financials Slip
 

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