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.