Tech rebound defies global inflation jitters: ASX tracking 0.9% lower at noon

Market Reports

by Michael Luu

The Australian sharemarket extended yesterday’s retreat and dipped at the open, as the Australian benchmark index reacted to Wall Street’s inflation panic.

Property, banks and mining stocks accounted for most of the broader downward pressure, as all sectors but one have sunk into negative territory.

Tech stocks were staging a comeback this morning and bucking the red trend as the only sector making gains by lunchtime. 

Buy now, pay later innovator Afterpay (ASX:APT) rebounded by 3.5 per cent to $92.11 from a seven-month low yesterday, while its rival Zip Co was 2.7 per cent head by lunchtime.

At noon, the S&P/ASX 200 is 0.89 per cent or 63 points lower at 7033.60.

The SPI futures are pointing to a fall of 67 points.

Best and worst performers

The best-performing sector is Information Technology, up 1.91 per cent. The worst-performing sector is Utilities , down 2.27 per cent.

The best-performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), trading 6.42 per cent higher at $0.58. It is followed by shares in Nearmap (ASX:NEA) and CSR (ASX:CSR).

The worst-performing stock in the S&P/ASX 200 is AusNet Services (ASX:AST), trading 5.98 per cent lower at $1.77. It is followed by shares in Suncrop Group (ASX:SUN) and Omni Bridgeway (ASX:OBL).

Commodities and the dollar

Gold is trading at US$1830.59 an ounce.
One Australian dollar is buying 78.13 US cents.
Iron ore is 0.7 per cent lower at US$228.93 a ton.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.