By Oliver Gray
Investing.com - the S&P/ASX 200 plunged 105.3 points or 1.6% to 6469.4 during Monday's trading session, extending last week’s declines of 2.5% and closing at 3-month lows as investors retreated amid rising interest rates and growing recession fears.
Among stocks, losses were led by Energy, plunging 6.3% overall amid falling crude oil prices. Santos Ltd (ASX:STO) tanked 7.3%, Woodside Energy Ltd (ASX:WDS) fell 5%, Viva Energy Group Ltd (ASX:VEA) lost 5.7% and Beach Energy Ltd (ASX:BPT) shed 7%.
Materials also plummeted 5.3%, with Rio Tinto Ltd (ASX:RIO) down 5.6%, BHP Group Ltd (ASX:BHP) falling 5.2%, Fortescue Metals Group Ltd (ASX:FMG) dipping 4.9% and Champion Iron Ltd (ASX:CIA) shedding 9.4%.
Utilities dipped 3.4%, with Mercury NZ Ltd (ASX:MCY) down 3.5%, Origin Energy Ltd (ASX:ORG) falling 6.6% and AGL Energy Ltd (ASX:AGL) losing 3.8%.
Among individual stocks, Costa Group Holdings Ltd (ASX:CGC) tumbled 13.4% following reports that chief executive and managing director Sean Hallahan will step down immediately.
On the bond markets, Australia 10-Year bonds pushed to fresh 3-month highs of 4.006% while United States 10-Year yields were at 12-year highs of 3.745%.