The ASX 200 followed Wall Street lower in Tuesday trade, in line with what looks like the emergence of a broader global trend; buy oil and gold, sell tech.

The ASX 200 Energy index is up by around 18% since September 20, and oil & gas stocks again outperformed today after OPEC member states last night poured cold water on the idea of accelerating production as crude prices rise.

Higher energy costs combined with a global shipping crunch continues is providing some support for the narrative of more sustained supply-side inflation in the months ahead.

In that environment, gold stocks are also outperforming while high-growth tech stocks are coming under pressure.

Falls on the ASX today were led by the ASX 200 Information Technology index which slipped by around 3%.

The broader ASX 200 index rallied slightly into the close to finish 0.56% lower.


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Large cap gains were led by $1.24bn gold play De Grey Mining (ASX:DGM), after a scoping study showed the company’s Hemi discovery has the capacity to produce 473,000oz of gold a year for the first five years of operation.

Also rising strongly was online retail company RedBubble (ASX:RBL), which rose by more than 7% on no news a day after dropping 4% following the release of its annual report.

In line with the broader market trends, the Tuesday large winner’s list was also populated by a host of large cap oil & gas plays along with other gold stocks.

Leading the pack in energy was Woodside Petroleum (ASX:WPL), which rose by more than 3%.

Shares in $1.25bn uranium producer Energy Resources Australia (ASX:ERA) climbed by around 4%, a day after the company announced the resignation of its CEO Paul Arnold, who was in the job on secondment from Rio Tinto and will now return there.

Brad Welsh — also on secondment from Rio — will step into the acting CEO role while “recruitment for a replacement will commence immediately”, the company said.


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Just like the winner’s list skewed towards gold and energy, today’s big cap losers table showed an obvious lean towards tech stocks — most notably BNPL.

Leading the laggards in that sector was Sezzle (ASX:SZL), which fell more than 7% and is now trading just slightly above Stockhead’s $1bn large-cap cutoff with a market cap of around $1.08bn.

Afterpay (ASX:APT) dipped by another 5% and is now at its lowest levels since Square Inc’s ~$38bn bid for the company was announced in August.

A number of other tech market darlings continue to come under pressure, including cloud-based call recording software company Dubber (ASX:DUB) which has now fallen by around 30% since mid-September.

Battery technology company Novonix (ASX:NVX) fell by around 9%, as did zero-carbon lithium stock Vulcan Energy (ASX:VUL), while diversified tech group PPK Group (ASX:PPK) continued its descent from recent all-time highs above $21.