Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australian Shares Start the Week 1.9% Lower

Published 29/08/2022, 11:12 am
Updated 29/08/2022, 11:20 am
© Reuters

© Reuters

By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 134.9 points or 1.9% to 6,969.2 after the first hour of Monday’s trade, extending losses of 0.2% last week. Risk sentiment soured during Friday’s session on Wall Street as Federal Reserve Chair Jerome Powell’s hawkish comments at the Jackson Hole Symposium boosted US Dollar index and yields rising while stocks tanked.

ASX 200 Futures were pointing 0.5% lower.

Among stocks, the risk-sensitive Information Technology sector led declines, down 3.9%, with Block Inc (ASX:SQ2) falling 7.8%, Appen Ltd (ASX:APX) dipping 4.1%, Megaport Ltd (ASX:MP1) down 4.6% and Novonix Ltd (ASX:NVX) dipping 4.6%.

Energy fell 2.7% with Woodside Energy Ltd (ASX:WDS) down 2.2%, Santos Ltd (ASX:STO) losing 2%, Beach Energy Ltd (ASX:BPT) falling 1.9% and South32 Ltd (ASX:S32) shedding 2.6%.

Real Estate companies was down 1.9% with Charter Hall Group (ASX:CHC) falling 2.8%, Mirvac Group (ASX:MGR) down 1.7%, Goodman Group (ASX:GMG) down 2.4% and Stockland Corporation Ltd (ASX:SGP) falling 1.4%.

Materials also fell 2.2% as Rio Tinto Ltd (ASX:RIO) fell 1.9%, BHP Group Ltd (ASX:BHP) lost 1.3% and Champion Iron Ltd (ASX:CIA) shed 3.5%. Fortescue Metals Group Ltd (ASX:FMG) also dipped 2.5% despite announcing better-than-expected profits and dividends

Ahead in the week, market participants will be monitoring upcoming retail sales data, building approvals, construction work as well as the AIG Manufacturing Index.

On the bond markets, United States 10-Year rates were at 3.087% while Australia 10-Year rates were at 3.679%.

In New Zealand, the NZX 50 was down 0.6% to 11,537.5.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.