Tech sector slide leads ASX lower – 7NEWS

The Australian share market has moved lower as turmoil in the tech sector appeared to spark investor unease in the segment.

The benchmark S&P/ASX200 index was down 16.8 points, or 0.25 per cent, to 6,632.9 points at 1200 AEDT on Monday, while the broader All Ordinaries was down 18.2 points, or 0.27 per cent, to 6,740.2 points.

Tech and consumer staple shares had the steepest falls, sliding 2.19 per cent and 2.03 per cent respectively.

Wisetech Global, resuming trading after rejecting claims from short-selling group J Research, dropped 12.33 per cent, while Appen was 3.48 per cent lower and Bravura Solutions sank 2.23 per cent.

Afterpay, which shed 20 per cent in three sessions last week as the Reserve Bank commented that it was likely to look at buy-now, pay-later surcharge restrictions, lost another 2.53 per cent.

Among consumer staples, Bega retreated 1.01 per cent, A2 Milk slipped 1.39 per cent, and Blackmores fell 0.79 per cent.

Treasury Wine Estate was down 11.80 per cent after announcing its successful chief executive will retire next year.

Property trusts advanced 0.67 per cent, largely due to 3.90 per cent bounce for Stockland after the developer reported slightly higher than expected residential sales in the quarter, and the materials sector gained 0.29 per cent.

Mining giant BHP was up 0.29 per cent to $34.89, Rio Tinto was up 0.15 per cent to $88.005, and Fortescue Metals was up 0.66 per cent to $8.345.

The big four banks were mostly lower, with ANZ down 0.45 per cent to $27.635, Commonwealth down 0.24 per cent to $79.445, NAB unchanged at $28.76 and Westpac down 0.38 per cent to $28.73.

Bendigo and Adelaide Bank was down 0.77 per cent, Bank of Queensland was down 0.22 per cent, and Macquarie Group was down 0.75 per cent.

Uncertainty lingered over the UK’s relationship with the European Union over the weekend as country’s parliament forced Prime Minister Boris Johnson to seek a third postponement of Britain’s departure from the bloc.

On Wall Street on Friday, the Dow Jones Industrial Average finished down 0.95 per cent, the S&P 500 was down 0.39 per cent and the tech-heavy Nasdaq Composite was down 0.83 per cent.

The Aussie dollar is buying 68.58 US cents from 68.31 US cents on Friday.


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