AU Evening Wrap: Shares fall for third day as rates add to worries

Moomoo News AU wrote a column · Apr 27, 2022 14:58

G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 closed 0.8% lower at 7261.2
• Top gainers: $Whitehaven Coal Ltd (WHC.AU)$, $Downer EDI Ltd (DOW.AU)$, $Champion Iron Ltd (CIA.AU)$
• Top losers: $Credit Corp Group Ltd (CCP.AU)$, $Northern Star Resources Ltd (NST.AU)$, $AVZ Minerals Ltd (AVZ.AU)$
- moomoo News AU

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.8% lower at 7261.2, posting a third consecutive loss as traders sold shares of tech companies and other businesses exposed to economic uncertainty.

With the $Nasdaq Composite Index (.IXIC.US)$ having hit a 16-month low, the Australian tech sector fell 2.4%, taking its losses to 9.0% across four sessions and to 25% so far in 2022.

$Life360 Inc (360.AU)$ shed 29% after scrapping plans for a U.S. listing, while $Block Inc (SQ2.AU)$ lost 5.9%, $EML Payments Ltd (EML.AU)$ gave up 5.7% and $Appen Ltd (APX.AU)$ fell 4.3%.

Consumer stocks also dropped, while banks $National Australia Bank Ltd (NAB.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $ANZ Group Holdings Ltd (ANZ.AU)$ fell between 1.65% and 2.6%. Commodity stocks bounced, paring overall losses.

S&P/ASX 200 Movers for Wednesday (4/27)