Investing.com - On Monday, the Australian sharemarket was dragged down by banks and tech firms, with all sectors trading in the negative.
Tech stocks, which are sensitive to rate changes, were among the most severely hit sectors on Monday. Shares in Wisetech Global Ltd (ASX:WTC), a leading software company, fell by 4.9%, while Nextdc Ltd (ASX:NXT), a renowned data centre operator, saw a decrease of 1.1%.
The financial sector also took a hit, with a 0.5% drop. Insurance company Suncorp Group Ltd (ASX:SUN) saw a 2.7% decrease, marking it as one of the most significant large-cap decliners.
Major banks also felt the pinch, with Commonwealth Bank Of Australia (ASX:CBA) slipping 1%, National Australia Bank Ltd (ASX:NAB) losing 0.3%, and Westpac Banking Corp (ASX:WBC) shedding 0.5%.
However, not all sectors succumbed to the downward trend. Miners and energy companies proved to be the most resilient, with coal mining companies Whitehaven Coal Ltd (ASX:WHC) and Yancoal Australia Ltd (ASX:YAL) rising by 6.1% and 3.8% respectively.
Iron ore giants BHP Group Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO) also saw increases, adding 0.9% and 0.8%, respectively.