AU Evening Wrap: ASX 200 Slides as Tech Stocks Tumble, Defensives Gain, and Uranium Stocks Dive
Market Performance
Australia's $S&P/ASX 200(.XJO.AU$ closed 0.3% lower at 8036.5, retreating from a record as robust employment data prompted some traders to increase bets that the country's central bank will raise interest rates before cutting them.
Bond yields rose and equities slipped after data was released showing the economy added far more jobs than expected in June. Commodity sectors edged lower, while the heavyweight financial sector slipped 0.2%. Major banks were mixed, with $ANZ Group Holdings Ltd(ANZ.AU$ adding 0.3%, $Westpac Banking Corp(WBC.AU$ sitting flat, and $CommBank(CBA.AU$ and $National Australia Bank Ltd(NAB.AU$ losing 0.6% and 0.2%, respectively.
Tech was the worst performing sector, tumbling 3.4% after the $Nasdaq Composite Index(.IXIC.US$ fell to its heaviest one-day loss since December 2022. $Xero Ltd(XRO.AU$, $Nextdc Ltd(NXT.AU$ and $WiseTech Global Ltd(WTC.AU$ gave up between 2.4% and 6.3%.
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Rate hike bets
On Wall Street, the Nasdaq index dropped 2.8%, marking its worst day since 2022, while Japan's Nikkei 225 fell 2.3%. Australia's S&P/ASX 200 closed down 0.3% as tech losses were offset by gains in healthcare, retail, and utilities. Australian job data showed 50,200 new jobs in June, raising the jobless rate to 4.1% and increasing the likelihood of an August interest rate hike by the Reserve Bank. The Australian dollar remained flat at $US67.3¢, and the yield on one-year government bonds rose to 4.39%.
Domino's Shares Drop Over 8%
Domino's Pizza shares fell 8.2% to $33.12 after announcing plans to close stores in France and Japan and downgrading its future store growth guidance.
Telix Pharmaceuticals Raises 2024 Sales Guidance Despite Share Dip
Telix Pharmaceuticals increased its 2024 sales guidance to $745 million-$776 million due to strong sales of its prostate cancer imaging product Illuccix. Despite this, shares fell 2.6% to $19.47 but have surged over 1000% in the past five years.
Source: Dow Jones Newswires, AFR, ASX
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