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Australian Shares Close at Fresh 4-Month Lows

Stock Markets May 12, 2022 16:29
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By Oliver Gray - The S&P/ASX 200 fell 132.2 points or 1.9% to 6932.5 during Thursday’s trade, erasing gains of 0.2% in the previous session and closing at fresh 4-month lows as the latest U.S. inflation data soured risk appetite.

Among stocks, Information Technology was the hardest hit, shedding 8.7% as Appen Ltd (ASX:APX) lost 3.8%, Block Inc (ASX:SQ2) plunged 17.6%, Altium Ltd (ASX:ALU) tumbled 16.7%, Xero Ltd (ASX:XRO) shed 11.6% and Megaport Ltd (ASX:MP1) lost 9.7%.

Energy dipped 2.3% as Oil prices fell. Woodside Petroleum Ltd (ASX:WPL) lost 3.1%, Santos Ltd (ASX:STO) dipped 2.1% and Beach Energy Ltd (ASX:BPT) fell 1.2%.

Real estate companies dipped 1.1% overall, with Goodman Group (ASX:GMG) down 2.9%, Charter Hall Group (ASX:CHC) falling 2.7% and Mirvac Group (ASX:MGR) dipping 2.7%.

Materials also fell 1.8% with Rio Tinto Ltd (ASX:RIO) down 2.1%, BHP Billiton Ltd (ASX:BHP) falling 1.6%, Fortescue Metals Group Ltd (ASX:FMG) losing 2.8%, Pilbara Minerals Ltd (ASX:PLS) down 6.5% and Lake Resources NL (ASX:LKE) falling 4.5%.

On the bond markets, Australia 10-Year rates were at 3.426% while United States 10-Year yields eased to 2.857%.

In New Zealand, the NZX 50 fell 0.5% to 11,177.

Australian Shares Close at Fresh 4-Month Lows

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