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Australian Shares Start the Week 1% Lower

Published 22/08/2022, 11:08 am
© Reuters
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By Oliver Gray 

Investing.com - The S&P/ASX 200 dipped 71.7 points or 1% to 7,042.8 after the first hour of Monday’s trade, almost erasing gains of 1.2% in the previous week amid souring risk sentiment as the US Dollar and United States 10-Year bond yields moved higher.

ASX 200 Futures were trading 0.5% lower.

Among stocks, the risk-sensitive Information Technology sector led declines, down 1.7% as Block Inc (ASX:SQ2) dipped 6.4%, Appen Ltd (ASX:APX) lost 2.3%, Megaport Ltd (ASX:MP1) fell 2.4%, Novonix Ltd (ASX:NVX) lost 2.8% and Brainchip Holdings Ltd (ASX:BRN) retreated 2.4%.

Utilities were down 1.6% as Origin Energy Ltd (ASX:ORG) fell 1.6%, AGL Energy Ltd (ASX:AGL) dipped 3.3% and Genesis Energy Ltd (ASX:GNE) lost 0.7%.

Materials also retreated 1% as Rio Tinto Ltd (ASX:RIO) fell 2%, BHP Group Ltd (ASX:BHP) lost 0.6%, Fortescue Metals Group Ltd (ASX:FMG) dipped 2.1% and Champion Iron Ltd (ASX:CIA) lost 0.4%.

Among reporting companies, Adbri Ltd (ASX:ABC) declined 16.4% after reporting a fall in profit and dividends in the half year to June.

Reliance Worldwide Corporation Ltd (ASX:RWC) tumbled 10% after the company reported lower profits over the 2022 financial year.

Chorus Ltd (ASX:CNU) climbed 1.7% after lifting its dividend guidance, while Magellan Financial Group Ltd (ASX:MFG) tanked 9.6%.

Ahead in the week, market participants will be looking towards fresh preliminary Services and Manufacturing PMIs set to be released on Tuesday.

On the bond markets, Australia 10-Year rates were at 3.548% while United States 10-Year yields were at 2.994%.

In New Zealand, the NZX 50 added 043% to 11,729.9.

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