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Australian Shares Decline to Fresh 7-Month Lows

Stock MarketsJan 24, 2022 11:34
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© Reuters.

By Oliver Gray 

Investing.com - The ASX 200 was 35.20 points or 0.49% lower at 7,140.60 in Monday’s mid-morning deals, extending declines of 2.9% in the previous week and falling to 7-month lows as market participants expect U.S. Federal Reserve policymakers to begin raising rates as soon as its March meeting, causing a major selloff in pricey tech companies and expensive growth stocks.

ASX 200 Futures were pointing 0.41% higher.

Among stocks, the Technology sector led declines as Novonix Ltd (ASX:NVX) dropped 6.34%, Brainchip Holdings Ltd (ASX:BRN) lost 2.56%, Appen Ltd (ASX:APX) dipped 2.08% and Computershare Ltd. (ASX:CPU) fell 1.34%

BNPL players retreated with Zip Co Ltd (ASX:Z1P) down 1.2% and Afterpay Touch Group Ltd (ASX:APT) falling 2.18%.

Materials fell significantly as Rio Tinto Ltd (ASX:RIO) dipped 0.9%, BHP Billiton Ltd (ASX:BHP) fell 0.54%, Champion Iron Ltd (ASX:CIA) lost 1.65%, Pilbara Minerals Ltd (ASX:PLS) dipped 2.39%, Arizona Lithium Ltd (ASX:AZL) lost 4.85%, Lake Resources NL (ASX:LKE) fell 4.79%, Magnis Resources Ltd (ASX:MNS) lost 2.68%, Avz Minerals Ltd (ASX:AVZ) declined 3.36% and Lynas Rare Earths Ltd (ASX:LYC) shed 4.89%.

Gold miners were broadly lower, with St Barbara Ltd (ASX:SBM) down 2.36%, Newcrest Mining Ltd (ASX:NCM) losing 1.74%, Northern Star Resources Ltd (ASX:NST) falling 2.75%, Chalice Gold Mines Ltd (ASX:CHN) down 2.93%, Evolution Mining Ltd (ASX:EVN) shedding 1.7% and Mineral Resources Ltd (ASX:MIN) down 2.13%.

Fortescue Metals Group Ltd (ASX:FMG) fell 1.43% after announcing Friday that it has signed an agreement with China’s state-owned Sinosteel Engineering and Technology Co Ltd (SZ:000928).

Regis Resources Ltd (ASX:RRL) dumped 14.43% as the company lowered its full year production guidance after a geotechnical incident and other operational challenges.

On the bond markets, Australia 10-Year yields were higher at 1.91%, while United States 10-Year rates eased to 1.762%.

On the data front, preliminary estimates showed that Manufacturing and Services PMIs retreated in January, contracting for the first month in four as surging COVID-19 infections caused disruptions in regular operations.

Ahead in the week, market participants will be monitoring fourth-quarter inflation data and NAB business confidence.

Australian Shares Decline to Fresh 7-Month Lows
 

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