ASX large caps: Mining stocks slump while Brainchip, Zip Co lead tech selloff

After falling more than 1% at the mid way session, the ASX 200 lost more ground in afternoon trading and closed 2.27% down.

For the week, the local index down almost 3%, one of its worst weekly drops in a year.

The Mining index lost all of yesterday’s gain and more, down by almost 4 % as all eleven sectors fell into the red.

Energy also reversed its previous day’s gains, also falling by more than 3%.

Risk off sentiment has been the underlying theme of the week as the 10-year US yield trades at its highest level in two years with traders making hawkish rate bets.

In Australia, a 4.2% jobless print that saw the rate falling to its lowest level since 2008 has also made investors nervous about a potential RBA hike.

The RBA will convene for its first meeting of the year on February 1st, and analysts predict a rate hike announcement then.

BIG CAP WINNERS

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Large cap winners were few and far between on Friday, with few stocks escaping the sea of red.

Summerset Group (ASX:SNZ) was the biggest mover today, up by 4.7% on no news.

BIG CAP LOSERS

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BHP (ASX:BHP) was caught in the broad-brushed selloff today and fell almost 5%. But the company did announce the completion of it shareholder vote on its unification.

BHP shareholders have now formally approved the unification, with an overwhelming 97% votes in favour of the resolution.

After rising by 160% this past month, Brainchip (ASX:BRN) has finally fallen off its perch, down by 11% today on no news.

BNPL play Zip Co (ASX:Z1P) also fell 7% on no specific news, following record quarterly revenues of $167.4m announced yesterday.