Buy now pay later retreats lead IT decline: Aus shares close 0.17% lower

Market Reports

by Michael Luu

The Australian sharemarket spent the afternoon session in the red zone, hitting the brakes on losses after midday to close 0.17 per cent lower.

The decade-high iron price helped the broader market recoup some losses, making materials the standout performer of the day. Takeover-fueled optimism was another bright spot in an overall bearish picture, as gains in Tabcorp (ASX:TAH) and Bingo (ASX:BIN) both closed among the best performing stocks. 

The tech sector underwhelmed and aggravated the pressure on the broader market by declines in big banks, supermarket chains and grocery producers. Stocks of Buy now pay later specialists all tumbled and weighed down IT to the bottom position of the sectors ladder for today, as Shares in both Afterpay (ASX:APT) and Zip Co (ASX:Z1P) shed over 5.7 per cent in closing trade.

At the closing bell, the S&P/ASX 200 was 11.80 points lower at 7033.80.
The Dow Jones futures are pointing to a rise of 56 points.
The S&P 500 futures are pointing to a rise of 7 points.
The Nasdaq futures are pointing to a rise of 22 points.
The SPI futures are pointing to a fall of 14 points tomorrow morning.
Best and worst performers
The best-performing sector was Materials, up 0.74 per cent. The worst-performing sector was Information Technology, down 2.53 per cent.
The best-performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN), closing 6.25 per cent higher at $3.40. It was followed by shares in United Malt Group (ASX:UMG) and Tabcorp Holdings (ASX:TAH).
The worst-performing stock in the S&P/ASX 200 was Nickel Mines (ASX:NIC), closing 12.06 per cent lower at $1.13. It was followed by shares in Mesoblast (ASX:MSB) and Zip Co (ASX:Z1P).
Asian markets
Japan's Nikkei has lost 0.46%. Hong Kong's Hang Seng has gained 0.10%. China's Shanghai Composite has lost 0.08%.
Commodities and the dollar
Gold is trading at US$1781.53 an ounce.
Iron ore is 3.90 per cent higher at US$193.58 a ton.
Iron ore futures are pointing to a rise of 1.84 per cent.
Light crude is trading $0.46 higher at USUS$60.32 a barrel.
One Australian dollar is buying 77.93 US cents.


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