By Oliver Gray
Investing.com - The S&P/ASX 200 fell 110.6 points or 1.5% to 7,095.7 during Tuesday’s trade, extending declines of 0.5% yesterday as risk sentiment soured after Reserve Bank of Australia’s policymakers lifted the official cash rate by an unexpected 50 basis points to 0.85%, in a move designed to combat increasing inflationary pressures.
Among stocks, Information Technology was hardest hit, down 3% with Appen Ltd (ASX:APX) falling 0.7%, Block Inc (ASX:SQ2) slipping 2.9%, Megaport Ltd (ASX:MP1) droping 5.6%, Link Administration Holdings Ltd (ASX:LNK) falling 1.9%, Novonix Ltd (ASX:NVX) down 3.7% and Brainchip Holdings Ltd (ASX:BRN) falling 2.4%.
Real estate companies also declined 3% collectively with Goodman Group (ASX:GMG) down 3.7%, Charter Hall Group (ASX:CHC) falling 3.5%, Mirvac Group (ASX:MGR) down 3.2% and Scentre Group Ltd (ASX:SCG) falling 2.5%.
Consumer Discretionary shed 2.3% overall with Wesfarmers Ltd (ASX:WES) down 3.9%, Aristocrat Leisure Ltd (ASX:ALL) dropping 1.1%, JB Hi-Fi Ltd (ASX:JBH) sjeddomg 3.5% and Domino's Pizza Enterprises Ltd (ASX:DMP) down 2%.
Financials were 2.3% lower as Macquarie Group Ltd (ASX:MQG) lost 3%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) 1.5%, National Australia Bank Ltd (ASX:NAB) fell 3.3%, Commonwealth Bank Of Australia (ASX:CBA) dropped 2.6% and Westpac Banking Corp (ASX:WBC) fell 2.1%.
Zip Co Ltd (ASX:ZIP) also shed 13.4%.
On the bond markets, Australia 10-Year rates were closer to fresh 8-year highs at 3.56% while United States 10-Year yields were at 3.047%.
In New Zealand, the NZX 50 lost 1.3% to 11,265.7.