News of a fire at Ukraine’s Zaporizhzhia nuclear power plant after an attack by Russian forces has spooked the markets.

The active power plant, located in the southeast of Ukraine and also Europe’s biggest, had caught fire after fierce fighting between Russian and Ukrainian forces.

The latest report however said the fire is not as bad as first thought. Oil prices are currently trading at around US$111/barrel, after surging to US$116 overnight, its highest level since 2008.

ASX uranium stocks got hammered across the board on the nuclear plant news, but the US dollar, bonds and oil pared back earlier losses.

“For uranium stocks, if this plant does explode or gets major damage, it simultaneously leads to an immediate drop in demand for uranium,” IG markets analyst Kyle Rodda told Stockhead earlier today.

The benchmark ASX 200 lost ground 0.8% as the two best performing sectors this week, Energy and Mining, retreated by around 1% each. For the week, the Aussie benchmark index was up around 1.4%.

Tech however was the biggest loser today, down by almost 4% as the sector’s biggest stocks like Block Inc (ASX:SQ2) and Xero (ASX:XRO) suffered falls on negative sentiment.

BIG CAP WINNERS

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Newcrest Mining (ASX:NCM) said it has noted the release by Greatland Gold of an updated Mineral Resource and Ore Reserve Statement for the Havieron project joint venture.

Newcrest has not reviewed or verified the analysis conducted by Greatland Gold, but said it continues to have discussions with Greatland Gold regarding the acquisition of an additional 5% interest in the Havieron joint venture.

BIG CAP LOSERS

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Uranium miner Paladin Energy (ASX:PDN) lost 15% on the back of the Ukranian nuclear plant news.

Block Inc and Xero have lost 9% and 3% each on no specific news. Qantas (ASX:QAN) has also lost 3%.