By Oliver Gray
Investing.com - The S&P/ASX 200 31.20 points or 0.42% to 7,454.00 on Tuesday, weighed down by losses across the healthcare and technology sectors as investors rotated away from riskier assets amid surging long term bond yields.
Among stocks, Information Technology fell 0.9% as Block Inc (ASX:SQ2) lost 0.4%, Appen Ltd (ASX:APX) dipped 3.1%, Megaport Ltd (ASX:MP1) shed 4.7% and Novonix Ltd (ASX:NVX) lost 5.5%.
Health Care also suffered as CSL Ltd (ASX:CSL) lost 1.3%, Sonic Healthcare Ltd (ASX:SHL) fell 0.6%, Fisher & Paykel Healthcare Ltd (ASX:FPH) dipped 2.3% and Resmed Inc (ASX:RMD) lost 3.4%.
Financials finished 0.2% lower as Australia and New Zealand Banking Group Ltd (ASX:ANZ) lost 1%, National Australia Bank Ltd (ASX:NAB) fell 0.1%, Westpac Banking Corp (ASX:WBC) lost 0.4%, Commonwealth Bank Of Australia (ASX:CBA) dipped 0.2% while Macquarie Group Ltd (ASX:MQG) added 0.6%.
Meantime, Zip Co Ltd (ASX:Z1P) fell 5.7% to fresh two-year lows after Afterpay-owner Block released accounts showing that Afterpay’s net loss ballooned to $A345.5 million for the six months ended last December 31 from $79.2 million in the year-earlier period.
On the bond markets, Australia 10-Year rates were at 7-year highs of 3.083% while United States 10-Year yields were at 40-month highs of 2.822%.
In New Zealand, the NZX 50 dipped 0.4% to 11,889.