• ASX 200 drops for the third day this week
  • Tech sector sank 7% on bearish sentiment
  • US CPI was higher than expected

 

Local shares fell again today, capitulating to their third loss this week. At the close, the ASX 200 fell by 1.82% with all 11 sectors in the red.

The Tech sector (ASX:XIJ) sank by 8% amid bearish global sentiment and panic selling that saw the Nasdaq plunge by 3% overnight.

A higher than expected US CPI also didn’t help the market. The April annual US CPI readout was 8.3%, down from 8.5% in March, but both the headline and core CPI rose higher than forecast to 0.3% and 0.6% respectively.

According to a fresh note out of asset manager T. Rowe Price, to bring inflation under control, central banks must tighten monetary policy to the point where growth slows down significantly.

“And when growth slows sharply, particularly when it is accompanied by rising interest rates, financial market volatility usually ensues,” the note said.

Back home, local tech investors were also spooked today by sector leader Xero’s full year net loss of NZ$9.1million, which dragged the XRO stock price lower by 12% to a one-year low.

Meanwhile, a drop in Covid cases in China wasn’t enough to lift Energy and Mining shares on the ASX, with both sectors falling by around 1% today.

Bitcoin has also crashed to US$26,800 at 4pm AEDT.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
JDO Judo Cap Holdings 1.715 6% 2,614,953 $1,796,469,792
ORI Orica Limited 16.44 5% 5,357,920 $6,406,382,616
MEZ Meridian Energy 4.21 4% 43,239 $5,110,623,680
HTA Hutchison 0.08 3% 88 $1,058,655,669
HSN Hansen Technologies 5.22 3% 799,178 $1,022,105,009
EBO Ebos Group Ltd 36.94 2% 23,043 $6,824,737,246
GOLD ETFS GOLD 249.75 2% 32,134 $1,387,802,447
ACL Au Clinical Labs 5.155 1% 579,160 $1,025,316,796
AGL AGL Energy Limited. 8.31 1% 2,593,769 $5,509,799,838
LFG Liberty Fin Group 5.07 1% 17,068 $1,518,000,000
HDN Homeco Daily Needs 1.28 1% 3,928,777 $2,614,125,580
SPK Spark New Zealand 4.38 1% 814,536 $8,103,973,767
AMC Amcor PLC 18.04 1% 3,355,126 $13,940,461,690
HLS Healius 4.05 1% 2,031,245 $2,321,249,484
ALD Ampol Limited 32.93 1% 609,823 $7,780,563,532
GNE Genesis Energy Ltd 2.43 1% 22,373 $2,530,395,377
29M 29Metalslimited 2.45 1% 1,033,001 $1,169,606,120
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Commonwealth Bank (ASX:CBA) rose just 1% despite reporting a solid $2.4bn cash profit in Q3. However, the bank reported a 1% fall in operating income to $6.1bn.

Judo Capital (ASX:JDO) lifted 6% after an investors update, with the company forecasting $6 billion in lending portfolio in FY22. The lending firm also said it expected net interest income to grow to around $160.5 million.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SQ2 Block 99.99 -18% 390,418 $5,302,114,454
ALU Altium Limited 25.48 -16% 861,410 $3,976,939,428
XRO Xero Ltd 77.49 -11% 1,368,812 $13,006,119,375
TLX Telix Pharmaceutical 3.57 -11% 2,119,443 $1,245,859,146
CSR CSR Limited 5.17 -10% 12,720,990 $2,776,389,479
MP1 Megaport Limited 6.63 -9% 2,182,414 $1,151,448,327
NVX Novonix Limited 3.63 -9% 4,381,127 $1,933,738,199
IEL Idp Education Ltd 22.86 -9% 2,105,648 $6,963,971,999
JIN Jumbo Interactive 14.97 -8% 188,526 $1,026,725,559
SYA Sayona Mining Ltd 0.23 -8% 41,737,780 $1,794,996,229
FFX Firefinch Ltd 0.83 -8% 12,133,625 $1,063,118,899
CHN Chalice Mining Ltd 5.205 -8% 3,349,866 $2,002,332,393
MFG Magellan Fin Grp Ltd 14.78 -8% 1,534,097 $2,969,584,385
LTR Liontown Resources 1.1625 -7% 15,297,992 $2,729,320,372
PLS Pilbara Min Ltd 2.45 -6% 22,160,400 $7,799,305,586
WTC Wisetech Global Ltd 38.465 -6% 1,022,406 $13,403,036,463
ERA Energy Resources 0.3 -6% 88,154 $1,181,242,623
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Block Inc (ASX:SQ2) and Altium (ASX:ALU) sank 17-18%, and were the worst performing large caps today off the back of sentiment.

Xero (ASX:XRO) fell by 12% today after reporting that revenue for full year FY22 increased by 29% to NZ$1.1 billion, with a 28% jump in annualised monthly recurring revenue (AMRR) to NZ$1.2 billion.

Earnings however, missed estimates due to weaker margins. Xero’s EBITDA rose by 11% to NZ$212.7m, but the bottom line was a net loss of NZ$9.1 million.