• ASX 200 slipped 0.42%
  • Russia bonds deemed to have defaulted by S&P
  • Afterpay net loss is growing 

Local shares slipped by 0.42% today on growing concerns that imminent rate hikes could trigger a revaluation of equities.

It was a sea of red today on the ASX, as all eleven sectors fell in a broad-brushed sell off – with Tech and Healthcare stocks leading the rout.

Rotation out of growth stocks continue to play out here and on Wall Street, ahead of the key US inflation readout later today (US time).

The bond market also continues to dictate play, as the 10 year government bond yields in the US and Australia both surged to multi year highs.

And more bad news in the bond market as credit ratings agency S&P declared that Russia has effectively defaulted on its foreign debt for refusing to make bondholder payments in any other currency than rubles.

Russian Finance Minister Anton Siluanov fired back, saying that Russia would take legal action if it was declared in default by the West.

Meanwhile, Chinese Premier Li Keqiang added to market tensions when he told a seminar that widespread COVID-19 lockdowns would disrupt China’s production and spending.

In corporate news, Afterpay’s parent Block Inc (ASX:SQ2) released earnings report last night which revealed that Afterpay’s net loss has grown to $345.5 million for the half year ended December 2021, vs $79.2 million in the pcp.


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Funds manager Pendal Group (ASX:PDL) ended the day flat after its board determined the takeover proposal from Perpetual (ASX:PPT) significantly undervalues the current and future value of Pendal.

Perpetual had earlier proposed to take over Pendal at an effective price of $5.97 based on the closing price yesterday. The Pendal share price closed today at $5.31.


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Zip Co (ASX:Zip) was down 6% today and hit a multi year low. The BNPL stock has struggled to fight off market sentiment as investor rotate away from growth stocks in the current rising rate cycle environment. In 2022, the Zip stock price has lost 70%.

One-time biotech high flyer Imugene (ASX:IMU) fell by another 8.7%, after flagging that 28,328,452 ordinary fully paid shares will be released from voluntary escrow on 22 April 2022.