The ASX 200 has recouped some of its lunch time losses and closed the day lower by just 1.08%, after falling by 1.7% at the half way mark of the session..

The local bourse followed moves in US and European equities overnight, as a broad-based selloff (led by tech) gripped markets.

Elsewhere in Asia stock markets are also falling, as concerns about inflation led to US treasury yields rising the most since June.

Tech was by the worst performing sector on the ASX, down by 2.36%.

Buy-now-pay-later (BNPL) stocks were hit in the tech rout, with Afterpay (ASX:APT) dropping 4.75% and Zip Co (ASX:Z1P) by 2.4%.

All other sectors were also down, apart from defensive Consumer Staples and Utilities, which gained negligibly.


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Merger and acquisition news headlined corporate announcements today, with TPG Capital and Potentia Capital making an acquisition play for ASX-listed SmartGroup Corp (ASX:SIQ).

The non-binding offer values SmartGroup at $1.32 billion in cash at $10.35 a share, with SIQ rising by 18% to $9.28 on the news.

In other M&A news, APA Group (ASX:APA) has kept its $2.60 a share offer for Ausnet (ASX:AST) on the table, pending an approval from the Takeover Panel.

Regis Resources (ASX:RRL) and Evolution Mining (ASX:EVN) rose 6%  and 4% respectively as gold stocks over-performed mineral miners.


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The Fortescue Metals (ASX:FMG) share price is down again by 0.5% to $14.79, and nears its 12-month low of $14.15 as spot iron ore dipped further by 5% overnight.

Artificial intelligence company Appen (ASX:APX) dropped 2.85% and also touched its 12-month low today of $8.70, before recovering to $8.86.

Crown Resorts (ASX:CWN) slipped 1% despite announcing the appointment of a former Redbubble (ASX:RBL) chairman, Anne Ward, to the Board.