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ASX 200 finishes 0.1% lower, Megaport tanks 24.4% after earnings

Stock Markets Jan 31, 2023 15:50
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 10.6 points or 0.1% to 7,471.1 during Tuesday’s session, partially retracing gains of 0.5% in the previous session as market participants turned cautious ahead of the U.S. Federal Reserve’s rate decision due later in the week.

Among stocks, Information Technology led declines with Megaport Ltd (ASX:MP1) tanking 24.4% after reporting earnings results. Block Inc (ASX:SQ2) fell 2.7%, Appen Ltd (ASX:APX) lost 2.1%, and Novonix Ltd (ASX:NVX) dipped 6.5%.

Meantime, Consumer Staples surged 2.1% on the prospect of easing inflation, with Woolworths Ltd (ASX:WOW) up 2.9%, Graincorp Ltd (ASX:GNC) adding 2.2% and Coles Group Ltd (ASX:COL) up 2.5%.

On the data front, retail sales came in at -3.9% compared to expectations of -0.3%, fueling hopes that local inflation is peaking and that RBA policymakers may issue less aggressive interest rate rises going forward.

On the bond markets, Australia 10-Year rates were at 3.562% while United States 10-Year yields were at 3.542%.

In New Zealand, the NZX 50 fell 0.6% to 11,967.7.

ASX 200 finishes 0.1% lower, Megaport tanks 24.4% after earnings
 
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