AU Evening Wrap: Interest rates outlook fuels heavy sell-off
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• ASX 200 closed sharply lower Monday, dropping 138.60 points or 1.95% to 6,965.50 and crossing below its 125-day moving average.
• Top gainers: $The a2 Milk Co Ltd (A2M.AU)$ $Yancoal Australia Ltd (YAL.AU)$ $Australian Foundation Investment Co Ltd (AFI.AU)$
• Top losers: $Coronado Global Resources Inc (CRN.AU)$ $Chalice Mining Ltd (CHN.AU)$ $Megaport Ltd (MP1.AU)$
- moomoo News AU
The stock market suffered its heaviest loss in two and a half months as investors reacted to rates jitters on Wall Street and unexpectedly strong retail sales figures.
The $S&P/ASX 200 (.XJO.AU)$ slumped 139 points or 1.95 per cent to 6965.5. Just four of the index’s 200 component companies advanced.
Today's fall was the largest in points terms since a 246-point bloodbath on June 14.
All 11 sectors declined as traders reacted to signs interest rates will go higher and for longer than the market initially expected.
$The a2 Milk Co Ltd (A2M.AU)$ was the index's biggest winner, rising 9.98 per cent to a five-month high after delivering a positive trading update and announcing a share buyback. The dairy company's revenues grew 19.8 per cent to $1.446 billion in FY22 as Chinese and US sales expanded.
Net profit jumped 42.3 per cent to $114.7 million. The company will buy back up to $150 million of its shares on-market.
The only other ASX 200 companies to weather the sinking tide were construction materials provider $Adbri Ltd (ABC.AU)$+2.76 per cent, energy infrastructure specialist $APA Group (APA.AU)$+0.71 per cent and toll road operator $Atlas Arteria Ltd (ALX.AU)$+0.13 per cent.
Here, as in the US, growth stocks copped the worst of the sell-off as the cost of long-term borrowing rose. The yield on ten-year Australian government bonds climbed 13 basis points to 3.71 per cent.
The tech sector sank almost 4.4 per cent. Notable losses within the out-of-favour growth space included $Megaport Ltd (MP1.AU)$-9.13 per cent, $Zip Co Ltd (ZIP.AU)$-8.89 per cent, $Life360 Inc (360.AU)$ -8.35 per cent and $Imugene Ltd (IMU.AU)$-8 per cent.
$Nextdc Ltd (NXT.AU)$ slid 6.37 per cent despite beating full-year earnings guidance. The company's full-year loss contracted to $9.1 million from $23.6 million in FY21.
S&P/ASX 200 Movers for Monday (29/8)
How to find the above information in moomoo app:
1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Monday (29/8)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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