AU Evening Wrap: Double hit knocks index into red for 2022

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 2.1% lower at 7318.0 as the benchmark index posted its worst day in more than two months.

Commodity stocks led losses but every sector lost ground after the local bourse reopened from a holiday weekend. The materials sector dropped 5.1% on weakness in iron-ore, lithium and gold miners. Energy explorers $Beach Energy Ltd (BPT.AU)$, $Santos Ltd (STO.AU)$ and $Woodside Petroleum Ltd (WPL.AU)$ lost between 3.9% and 4.6%.

The heavyweight financial sector was among the better performers but still lost 1.0% as banks $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$ fell by between 0.6% and 1.3%.

Payments firm $EML Payments Ltd (EML.AU)$ was the worst-performing ASX 200 component, tumbling 39% after cutting its annual earnings guidance.