By Oliver Gray
Investing.com - The S&P/ASX 200 dropped 0.4% to close at 7316.2 following a slump triggered by the RBA’s decision to raise interest rates to 0.35% earlier in the session.
Among stocks, real estate companies fell 1.4% collectively, with Charter Hall Group (ASX:CHC) dropping 2.5%, Goodman Group (ASX:GMG) falling 1.5%, Stockland Corporation Ltd (ASX:SGP) down 1% and Scentre Group Ltd (ASX:SCG) dipping 1.7%
Materials lost 1% overall as Rio Tinto Ltd (ASX:RIO) decreased 1.5%, BHP Billiton Ltd (ASX:BHP) lost 0.7%, Fortescue Metals Group Ltd (ASX:FMG) dipped 4.8%, Champion Iron Ltd (ASX:CIA) lost 1.9% and Lake Resources NL (ASX:LKE) dropped 6.7%.
Information Technology bucked the trend, finishing 0.9% higher as Block Inc (ASX:SQ2) and Appen Ltd (ASX:APX) gained 4.6% apiece, Megaport Ltd (ASX:MP1) lifted 3.2%, Brainchip Holdings Ltd (ASX:BRN) gained 1.6%, Xero Ltd (ASX:XRO) added 2% and Nextdc Ltd (ASX:NXT) added 1.3%.
Financials were down 0.3%, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 0.2% while National Australia Bank Ltd (ASX:NAB) and Commonwealth Bank Of Australia (ASX:CBA) lost 0.7% apiece.
On the bond markets, Australia 10-Year rates lifted to 3.4%, the highest levels since October 2014, while United States 10-Year rates were at 3-year highs of 3%.
In New Zealand, the NZX 50 decreased 0.9% to 11,676.