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ASX Extends Losses as Tech Drags and Bond Yields Dip
Published Dec 02, 2021 11:41
Updated Dec 02, 2021 11:46
© Reuters.
By Oliver Gray
Investing.com - The S&P/ASX 200 was 41.80 points or 0.58% lower in Thursday’s trade at 7,194.10, extending losses of 0.28% in the previous session as investors remained cautious amid a dip in long term bond yields and a pullback in technology stocks as fresh cases of the coronavirus Omicron variant were detected both locally and abroad.
ASX 200 Futures were trading 0.21% higher.
Among stocks, miners fell, with Rio Tinto Ltd (ASX:RIO) down 1.35%, BHP Billiton Ltd (ASX:BHP) losing 1.45% and Fortescue Metals Group Ltd (ASX:FMG) down 0.64%, while Orocobre Ltd (ASX:ORE) and Lynas Rare Earths Ltd (ASX:LYC) shed 5.67% and 0.11% respectively.
Technology names also dragged as long term bond yields dipped. Appen Ltd (ASX:APX) lost 2.85%, Xero Ltd (ASX:XRO) fell 4.42%, Technology One Ltd (ASX:TNE) was down 2.48% and Wisetech Global Ltd (ASX:WTC) lost 1.78%. BNPL stocks also fell, with Zip Co Ltd (ASX:Z1P) and Afterpay Touch Group Ltd (ASX:APT) down 5.05% and 5.15% respectively.
Airliners declined as Qantas Airways Ltd (ASX:QAN) dipped 2.53%, Flight Centre Ltd (ASX:FLT) lost 2.35% and Webjet Ltd (ASX:WEB) fell 1.5%.
Financial names were mixed, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) and Westpac Banking Corp (ASX:WBC) down 0.34% and 0.39% respectively, while Commonwealth Bank Of Australia (ASX:CBA) added 0.67% and National Australia Bank Ltd (ASX:NAB) gained 0.62%.
Meantime, Australian Pharma Industries Ltd (ASX:API) lifted 16.72% after Woolworths announced a surprise $A870 million offer to acquire the business in a move that would see the national retailer significantly expand its operations in the healthcare space.
On the bond markets, Australia 10-Year rates were above 7-week lows at 1.66%, while 10-year yields lifting from fresh 10-week lows to 1.429%.
In New Zealand, the NZX 50 was 0.65% lower at 12,667.
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