Australian Shares Extend Declines, Tech Rebounds By Investing.com

Australian Shares Extend Declines, Tech Rebounds

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By Oliver Gray

Investing.com - The ASX 200 has fallen 41.10 points or 0.55% to 7,406.00 on Tuesday, extending losses of 0.1% in the previous session as technology shares rebounded from recent declines, while pullbacks in financial stocks and consumer staples weighed on sentiment.

ASX 200 Futures were pointing 0.16% higher.

Among stocks, Inghams Group Ltd (ASX:ING) plunged 5.95% after reporting that Omicron was disrupting its operations and weighing on sales performance. Woolworths Ltd (ASX:WOW) lost 1.43%, Coles Group Ltd (ASX:COL) fell 1.7%, Elders Ltd (ASX:ELD) lost 1.38% and Metcash Ltd (ASX:MTS) dipped 1.49%.

Technology names tracked a rebound on the NASDAQ Composite overnight, with Appen Ltd (ASX:APX) up 0.3%, Megaport Ltd (ASX:MP1) adding 1.54%, Link Administration Holdings Ltd (ASX:LNK) up 0.18% and Brainchip Holdings Ltd (ASX:BRN) surging 11.17%. Xero Ltd (ASX:XRO) added 1.6%, Wisetech Global Ltd (ASX:WTC) added 0.35% and Nextdc Ltd (ASX:NXT) lifted 0.7%, Altium Ltd (ASX:ALU) lost 2.9%, while Novonix Ltd (ASX:NVX) added 3.64%.

Afterpay Touch Group Ltd (ASX:APT) added 2.08% while Zip Co Ltd (ASX:Z1P) lifted 2.57%.

Polynovo Ltd (ASX:PNV) surged 18.8% after reporting another month of record sales in the US.

Financials retreated, with Macquarie Group Ltd (ASX:MQG) down 2.51%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 1.16%, Commonwealth Bank Of Australia (ASX:CBA) down 1.56%, National Australia Bank Ltd (ASX:NAB) losing 0.85% and Westpac Banking Corp (ASX:WBC) shedding 0.5%.

Major mining companies were mixed as Rio Tinto Ltd (ASX:RIO) dipped 0.45%, BHP Billiton Ltd (ASX:BHP) lost 1.07% and Fortescue Metals Group Ltd (ASX:FMG) added 1.16%. Meantime, Pilbara Minerals Ltd (ASX:PLS) lost 0.42% Lake Resources NL (ASX:LKE) added 0.5%, Magnis Resources Ltd (ASX:MNS) lifted 1.87% and Lynas Rare Earths Ltd (ASX:LYC) eased 0.63%.

On the bond markets, Australia 10-Year lifted to 1.874%, while United States 10-Year were just off 2-year highs at 1.757%.

Among data, market participants will be monitoring fresh Retail Sales and Trade Balance data due later in the session.

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