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Australian shares start the week 0.5% lower, materials lift

Published 13/03/2023, 04:29 pm
© Reuters
AXJO
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BHP
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MQG
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CBA
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FMG
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CPU
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RIO
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SBM
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AXGD
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AXMJ
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AXIJ
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SIVBQ
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US10YT=X
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AU10YT=RR
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EVN
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GOR
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CIA
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MP1
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SQ2
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 35.9 points or 0.5% to 7,108.8 during Monday's session, trading at 9-week lows amid global fallout from the collapse of SVB Financial Group (NASDAQ:SIVB) last week, with Fed officials stepping in over the weekend to ensure liquidity to all depositors in the biggest financial bailout since the 2008 global financial crisis.

Among stocks, Information Technology and Financials sectors registered the greatest declines, with Megaport Ltd (ASX:MP1) dipping 1.6%, Brainchip Holdings Ltd (ASX:BRN) shedding 4.8%, Computershare Ltd. (ASX:CPU) down 2.9% and Block Inc (ASX:SQ2) dipping 1%. Meantime, Macquarie Group Ltd (ASX:MQG) fell 1.4%, ANZ Group Holdings Ltd (ASX:ANZ) lost 1.9%, Commonwealth Bank Of Australia (ASX:CBA) fell 0.4%, National Australia Bank Ltd (ASX:NAB) lost 1.6% and Westpac Banking Corp (ASX:WBC) fell 1.4%.

Materials lifted 1% overall, helping to limit losses as Rio Tinto Ltd (ASX:RIO) added 1%, BHP Group Ltd (ASX:BHP) gained 1.8%, Fortescue Metals Group Ltd (ASX:FMG) rose 1.2% and Champion Iron Ltd (ASX:CIA) gained 1.1%.

Gold companies posted gains of 4.1% collectively as investors rotated into the safe-haven asset, with St Barbara Ltd (ASX:SBM) rallying 9.4%, Gold Road Resources Ltd (ASX:GOR) adding 4.2%, Northern Star Resources Ltd (ASX:NST) up 5% and Evolution Mining Ltd (ASX:EVN) adding 1.1%.

Ahead in the week,  investors will be looking out for Westpac consumer sentiment, NAB business confidence, as well as employment change data.

On the bond markets, Australia 10-Year rates lifted to 3.525%, while United States 10-Year yields were at 3.706%.

In New Zealand, the NZX 50 fell 54.1 points or 0.5% to 11,672.9.

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