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Australian Shares Retreat 3% As Ukraine Invasion Begins

Published 24/02/2022, 04:34 pm
Updated 24/02/2022, 04:42 pm
© Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 dropped 215.10 points or 2.99% to 6,990.60 in Thursday’s deals, as market participants monitored an evolving crisis in Ukraine after President Vladimir Putin authorised a military operation in the Eastern European country, while poor half-year results also weighed on the index.

The Technology sector tumbled 6.4% collectively, as Appen Ltd (ASX:APX) shed 28.7% following full year results, while Novonix Ltd (ASX:NVX) lost 9.06%, Brainchip Holdings Ltd (ASX:BRN) fell 7.57%, Xero Ltd (ASX:XRO) dropped 5.47%, while Codan Ltd (ASX:CDA) dropped 7.89%. Block Inc (ASX:SQ2) fell 12.91% and Zip Co Ltd (ASX:Z1P) lost 10.34%.

Financials were 2.83% lower as Macquarie Group Ltd (ASX:MQG) fell 4.88%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) lost 3.44%, National Australia Bank Ltd (ASX:NAB) lost 2.49%, Westpac Banking Corp (ASX:WBC) dipped 2.36% and Commonwealth Bank Of Australia (ASX:CBA) dropped 2.05%.

Materials shed 4.33% overall, with Rio Tinto Ltd (ASX:RIO) down 3.77%, BHP Billiton Ltd (ASX:BHP) down 6.92% after trading ex-dividend, Fortescue Metals Group Ltd (ASX:FMG) dropping 4.18%, Champion Iron Ltd (ASX:CIA) down 6.33%, Arizona Lithium Ltd (ASX:AZL) shedding 12% and Pilbara Minerals Ltd (ASX:PLS) falling 8.07%.

Meantime, Cimic Group Ltd (ASX:CIM) surged 33.41% after Spanish construction giant Grupo ACS launched an $A1.5 billion hostile takeover bid for the remaining stake it does not already own in CIMIC.

Lovisa Holdings Ltd (ASX:LOV) also popped 11.78%, after a buoyant half-year result with profits lifting 70%.

On the bond markets, Australia 10-Year rates were lower at 2.161% while United States 10-Year rates were at 1.875%.

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In new Zealand, the NZX 50 dropped 3.31% to 11,732.55.

Latest comments

A big shout out to Vlad...great work, you megalomanic imbecile. Apart from thrusting many people, on both sides, who do not want to fight, and who will loose their lives, you are destabilising financial markets around the world. Having the greatest effect on small business people and those trying to retire, still battling to deal with the wash from the pandemic. Take you place in history...alongside Hitler.
The destabilization of the market
is used as an excuse by the stock market industry basically to make money.
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