AU Evening Wrap: Australia shares closed 0.5% lower on tech stocks drop

Moomoo News AU wrote a column · Apr 6, 2022 01:55

G'day, mooers! Check out the latest news on today's stock market !
• ASX 200 index fell 1.2 per cent before more than halving its fall to 38 points or 0.5 per cent.
• Top gainers: $Whitehaven Coal Ltd (WHC.AU)$, $Yancoal Australia Ltd (YAL.AU)$, $AMP Ltd (AMP.AU)$
• Top losers: $Novonix (NVX.AU)$, $AVZ Minerals Ltd (AVZ.AU)$, $Lynas Rare Earths Ltd (LYC.AU)$
- moomoo News AU

The $S&P/ASX 200 (.XJO.AU)$ fell 1.2 per cent before more than halving its fall to 38 points or 0.5 per cent.

Nine of eleven sectors declined. Tech and speculative stocks bore the brunt of the selling. Bank stocks and supermarkets resisted the downtrend.

A record quarter helped $Polynovo Ltd (PNV.AU)$ buck the downtrend in growth stocks. The skin specialist gained 4.63 per cent after reporting a 59.3 per cent increase in revenue last quarter to $12.26 million.

$Virtus Health Ltd (VRT.AU)$ edged up 0.99 per cent after private-equity firm BGH Capital pitched an off-market takeover offer to thwart rival bidder CapVest. BGH offered $8 per share in cash.

A bounce in coal prices lifted miners. $New Hope Corp Ltd (NHC.AU)$ climbed 6.92 per cent to a three-year high. $Whitehaven Coal Ltd (WHC.AU)$ put on 5.53 per cent. Coal and natural gas prices rallied overnight as the European Union mulled additional sanctions on Russia.