The ASX 200 has clawed back lunch time losses to close the day 0.13% higher.

The local bourse followed Wall Street into the red at the open, before rallying after lunch.

Rotation from growth to cyclical stocks was clearly the order of the day.

The tech sector was the worst performer, dropping by 2% following Nasdaq’s similar plunge on Friday.

In this sector, BNPL stocks got hammered, with Zip Co (ASX:Z1P) falling by 10% and Afterpay (ASX:APT) by 4% in a broad-based selloff.

Global tech stocks have been under pressure recently from a potential rate hike, and China government’s crackdown of Chinese tech stocks listed in the US.

The Omicron variant has also added another dimension to the uncertainty right now.

A sector that’s performed well today was Staples, a sector that could be the main beneficiary of a rotation into cyclicals.



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Grocery wholesaler Metcash (ASX:MTS) rose by 7% after reporting positive results for the first half of FY22.

Metcash, a conglomerate which owns multiple retailers including IGA and Mitre 10, announced a slightly higher profit for the six months to October 31.

On an underlying basis, MTS reported profits of $146.6 million — which was up 13.1% — and $128.8 million on a statutory basis, which was up 3%.

Vulcan Steel (ASX:VSL) rose by 4% after releasing a positive trading update and reaffirmed its prospectus forecasts.

For the five months to November 30, the company’s overall revenue was up 35% and its steel segment grew 42%.

The company is tipping a profit between $93 and $100 million, having previously estimated $74 million.


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The lifestyle app company, Life360 (ASX:360) sank by 13% on no news.