AU Evening Wrap: Shares sink as rates outlook darkens

Moomoo News AU wrote a column · Sep 14, 2022 14:40

G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 closed sharply lower Wednesday, dropping 181.10 points or 2.58% to 6,828.60 and crossing below its 50-day moving average.
• Top gainers: $Computershare Ltd (CPU.AU)$ $Coronado Global Resources Inc (CRN.AU)$ $Infratil Ltd (IFT.AU)$
• Top losers: $Megaport Ltd (MP1.AU)$ $Pinnacle Investment Management Group Ltd (PNI.AU)$ $Chalice Mining Ltd (CHN.AU)$
- moomoo News AU

The share market suffered its biggest setback in three months after unexpectedly hot US inflation data forced investors to reassess the outlook for interest rates.

Equity markets from Europe through to Asia turned sharply lower as risk assets plunged and bond yields and the US dollar surged. The sell-off on Wall Street was the ninth worst in history, according to Bloomberg.

The $S&P/ASX 200 (.XJO.AU)$ fell almost 3 per cent this morning before paring its fall to 181 points or 2.58 per cent. The decline was the largest since June 14.

All 11 sectors retreated. Just five of the Australian benchmark's 200 component companies advanced. The dollar fell towards two-year lows.

The winner's podium was a lonely place for much of the session. $Computershare Ltd (CPU.AU)$ was the only stock on the Australian benchmark to rise in the first hour. The share registry finished best in class with a slim bounce of 1.19 per cent from a sharp fall yesterday.

$ResMed Inc (RMD.AU)$ turned positive late morning, rising 0.29 per cent as traders sought havens from the carnage among risk assets.

The day's other gainers were miners: $Coronado Global Resources Inc (CRN.AU)$ +0.89 per cent, $Whitehaven Coal Ltd (WHC.AU)$ +0.24 per cent and $South32 Ltd (S32.AU)$ +0.23 per cent.

Borrowing-dependent property stocks led the selling as bond yields jumped in expectation official rates will go much higher. The yield on ten-year Australian government bonds climbed seven basis points to 3.656 per cent.

Industrial property giant $Goodman Group (GMG.AU)$ slumped 5.03 per cent. $Charter Hall Group (CHC.AU)$ shed 4.82 per cent, $Stockland Corp Ltd (SGP.AU)$ 4.7 per cent and $Abacus Property Group (ABP.AU)$ 5.78 per cent.

Technology was the day's other major loser for similar reasons: increased borrowing costs mean lower valuations. $Megaport Ltd (MP1.AU)$ skidded 10.01 per cent, $BrainChip Holdings Ltd (BRN.AU)$ 6.47 per cent and $Xero Ltd (XRO.AU)$ 4.88 per cent.

S&P/ASX 200 Movers for Wednesday (14/9)

AU Evening Wrap: Shares sink as rates outlook darkens

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"

10 Top-Traded AU Stocks for Wednesday (14/9)

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"

Source: Dow Jones Newswires, The Market Herald

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