Tech stocks drift ASX away from record high: Aus shares trading 1.2% lower at noon

Market Reports

by Michael Luu

The ASX200 steeply retreated from yesterday’s record high in opening trade and cancelled most of the previous session’s gains. The broader tumble came on the back of weak leads driven by the US technology sector. Australian IT stocks were the heaviest weights on the market, corresponding with stateside losses on the tech-heavy NASDAQ. Shares in buy now pay later tech developers Afterpay (ASX:APT) and Zip Co (ASX:Z1P) both shed more than 5 per cent by midday.

All the big four banks and mining heavyweights BHP (ASX:BHP), Rio Tinto (ASX:RIO)& Fortescue Metals (ASX:FMG) were tracking lower by lunchtime, as all sectors except for Staples submerged into the red.

At noon, the S&P/ASX 200 is 1.17 per cent or 84.00 points lower at 7088.80.
 
The SPI futures are pointing to a fall of 65 points.
 
Best and worst performers
 
The best-performing sector is Utilities, up 0.26 per cent. The worst-performing sector is Information Technology, down 2.94 per cent.
 
The best-performing stock in the S&P/ASX 200 is Omni Bridgeway (ASX:OBL), trading 2.14 per cent higher at $3.82. It is followed by shares in Brickworks (ASX:BKW) and Boral (ASX:BLD).
 
The worst-performing stock in the S&P/ASX 200 is Redbubble (ASX:RBL), trading 8.93 per cent lower at $3.57. It is followed by shares in Pointsbet Holdings (ASX:PBH) and Nearmap (ASX:NEA).
 
Commodities and the dollar
 
Gold is trading at US$1837.11 an ounce.
One Australian dollar is buying 78.37 US cents.
Iron ore is 8.60 per cent higher at US$230.56 a ton.