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ASX 200 Slumps 2% As Earnings Continue, Ukraine Tensions Persist
© Reuters.
By Oliver Gray
Investing.com - The S&P/ASX 200 fell 191.80 points or 2.66% to 7,013.90 in Thursday’s midday deals, reversing gains of 0.6% in the previous session as investors monitored a raft of local earnings reports, while news of an expanded state of emergency in Ukraine also sapped risk sentiment.
ASX 200 Futures were pointing 0.82% lower.
Among stocks, Technology companies were hit hardest, falling 4.48% collectively. Megaport Ltd (ASX:MP1) lost 1.77%, Novonix Ltd (ASX:NVX) fell 7.55%, Brainchip Holdings Ltd (ASX:BRN) lost 6.77%, Altium Ltd (ASX:ALU) fell 1.5%, Computershare Ltd. (ASX:CPU) dipped 2.07%, Wisetech Global Ltd (ASX:WTC) shed 6.39% and Xero Ltd (ASX:XRO) lost 4.31%.
Appen Ltd (ASX:APX) plummeted 23.69% after releasing full year results as annual profits fell by 20%, with the company outlining an aim to reduce its reliance on U.S. tech giants such as Meta Platforms Inc (NASDAQ:FB), which accounts for about 80% of revenues.
Materials also dipped 3.49% as BHP Billiton Ltd (ASX:BHP) lost 6.01%, Fortescue Metals Group Ltd (ASX:FMG) fell 2.12%, Champion Iron Ltd (ASX:CIA) lost 4.07%, Pilbara Minerals Ltd (ASX:PLS) shed 5.09%, Piedmont Lithium Ltd (ASX:PLL) lost 5.71% and Avz Minerals Ltd (ASX:AVZ) dipped 5.73%.
Rio Tinto Ltd (ASX:RIO) was down 2.58% despite reporting the largest profits in its 149-year history.
Among other reporting companies, Qantas Airways Ltd (ASX:QAN) was up 1.36% despite reporting half-yearly losses of $A1.28 billion before tax as ongoing COVID-19 restrictions and border closures devastated travel demand.
Life360 Inc (ASX:360) tanked 31.35% after it reported strong revenue growth but almost doubled its losses for the year.
Insignia Financial Ltd (ASX:IFL) was up 0.65% after the company reported a 33% decline in half year profits.
Airtasker Ltd (ASX:ART) was down 4.64% after recording a 10% jump in revenues but posting a statutory loss of $5.4 as lockdowns curbed the use of the platform.
Nine Entertainment Co Holdings Ltd (ASX:NEC) was up 4.06%, reporting a 20 per cent jump in profits and upgrading its outlook for full year-earnings.
On the bond markets, Australia 10-Year rates were at 2.232% while United States 10-Year rates were at 1.958%.
In new Zealand, the NZX 50 dropped 1.37% to 11,969.
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