The ASX 200 finished lower by 0.37% today, extending its loss for the week to over 1%.

Local stocks fell following broad-based selloff on Wall Street overnight triggered by the US inflation data, which rose at a pace not seen since the early 1990s.

Prices in the US jumped 6.2% from a year ago, the highest increase in three decades and fuelling concerns that rates might be hiked soon.

The local market was also spooked by the release of Australian unemployment data, which showed the economy shed more than 46,000 jobs in October.

The jobless rate in Australia rose from 4.6% in September to 5.2% in October, according to the ABS.

Miners were the clear winners today, with the sector rising by more than 2.5% helped by the 9% jump in Fortescue shares.

The Tech sector was the worst performer today, down by almost 3% following Xero’s downbeat results and the fall in in Nasdaq overnight.


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Fortescue (ASX:FMG) shares were up by 9% after comments from CEO Elizabeth Gaines who said that Fortescue Future Industries, the company’s renewables subsidiary, had spare cash to spend on renewables investments.

Another resources play that caught a bid today was Chalice Mining (ASX:CHN), which was up another 10% following its 32% over the last two days following the largest PGE discovery in Australian history.

Both Novonix (ASX:NVX) and AVZ Minerals (ASX:AVZ) were both up by more than 10% on no news.


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Aerial imagery tech company, Nearmap (ASX:NEA), was down 12% after its AGM, despite announcing an upbeat FY22 outlook and plans to boost contract values by 11% to 19%.

Software company Xero (ASX:XRO), meanwhile, dropped almost 6% after reporting a drop in profits despite increasing revenues. Xero’s revenues were up by 23% to NZ$505.7m for the first half, but its EBITDA was down 19% to NZ$98m.