By Oliver Gray
Investing.com - The S&P/ASX 200 finished Tuesday's session just 0.01% lower at 7378.4 after gains of 0.3% in the previous session, with the consumer staples sector severely under-performed due to large falls in Woolworths and Coles.
Among stocks, Big banks and financial stocks finished higher, with Macquarie Group Ltd (ASX:MQG) up 0.82%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) adding 0.62%, Westpac Banking Corp (ASX:WBC) up 0.58% and Bank Of Queensland Ltd. (ASX:BOQ) gaining 0.25%.
Tech stocks gained, with Appen Ltd (ASX:APX) up 1.18%, Xero Ltd (ASX:XRO) gaining 0.6%, Wisetech Global Ltd (ASX:WTC) up 3.59%, Technology One Ltd (ASX:TNE) adding 2.27% and Nextdc Ltd (ASX:NXT) lifting 1.48%.
Major miners closed higher, with Rio Tinto Ltd (ASX:RIO) up 0.05%, BHP Billiton Ltd (ASX:BHP) up 0.58% and Fortescue Metals Group Ltd (ASX:FMG) adding 1.3%.
BNPL names fell, with Zip Co Ltd (ASX:Z1P) and Afterpay Touch Group Ltd (ASX:APT) down 2.65% and 4.08% respectively.
Airlines closed lower as Qantas Airways Ltd (ASX:QAN) fell 1.01%, Flight Centre Ltd (ASX:FLT) dipped 2.55% and Webjet Ltd (ASX:WEB) lost 2.76%.
Woolworths Ltd (ASX:WOW) and Coles Group Ltd (ASX:COL) sank 7.67% and 2.74% respectively after Woolworth’s trading update today, with the company slashing its earnings forecast as the coronavirus wreaked havoc on its supply chain, while shoppers returned to more normal habits and backed off from pantry hoarding.
skin repair products maker Polynovo 15.44% after an update released to the ASX this morning. The business said things were going well with interim chief executive Max Johnstone, who has had a “significant impact on morale." The business is also seeing record sales of its products, which include Novosorb, a product used in surgery to help scaffold skin repair after burns and accidents.
Mesoblast Ltd (ASX:MSB) shares plummeted 17.35% after the company confirmed biotech giant Novartis will walk away from a planned investment and commercialisation deal.
On the bond markets, Australia 10-Year rates were at 1.543% while United States 10-Year yields were at 1.424%.
Among data, the NAB business confidence index in Australia dropped sharply from last month’s reading, the data point to a strong recovery for business heading into the end of the year, with firms eager to put on staff to meet reviving demand. "These results indicate a strong recovery is underway,” said NAB group chief economist Alan Oster “Notwithstanding the possibility of new disruptions related to the Omicron, the economy is well placed to carry this momentum forward over coming months and into 2022.”
In New Zealand, the NZX 50 was 0.5% lower at 12,930.5