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Australian Shares Close Lower, Tech Declines

Published 24/11/2021, 04:18 pm
Updated 24/11/2021, 04:37 pm
© Reuters

© Reuters

By Oliver Gray

Investing.com - The S&P/ASX 200 lost 11.20 points or 0.15% to 7,399.40 during Wednesday’s trade, easing from gains of 0.8% in the previous session amid mixed trade as declines in tech, materials, and industrials offset gains in energy companies.

Among stocks, Oil-related stocks gained most, with Oil Search Ltd (ASX:OSH) up 1.9%, Santos Ltd (ASX:STO) gaining 2.23%, Woodside Petroleum Ltd (ASX:WPL) up 2.58% and Beach Energy Ltd (ASX:BPT) lifting 2.4% after Oil prices rose despite President Joe Biden announcing that he would release 50 million barrels from U.S. strategic reserves.

Major technology names fell, with Appen Ltd (ASX:APX) down 0.88%, Afterpay Touch Group Ltd (ASX:APT) falling 0.26%, Wisetech Global Ltd (ASX:WTC) losing 2.7% and Technology One Ltd (ASX:TNE) plunging 8.37%.

Major miners finished mixed despite rebounding iron ore prices, with BHP Billiton Ltd (ASX:BHP) adding 0.66%, Rio Tinto Ltd (ASX:RIO) down 0.23% and Fortescue Metals Group Ltd (ASX:FMG) gaining 0.66%.

Financials were mostly higher, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) adding 1.1%, Commonwealth Bank Of Australia (ASX:CBA) gaining 0.43% and National Australia Bank Ltd (ASX:NAB) lifting 0.28%.

Among data, total construction work done fell by 0.3% in the September quarter, posting the strongest annual growth rate in 3 years, while the value of home renovations hit a fresh record high.

On the bond markets, Australia 10-Year rates were higher at 1.866%, while United States 10-Year yields traded near fresh 6-month highs of 1.638%.

In New Zealand, the NZX 50added 0.62% to 12,767.

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