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The local market declined 0.5% yesterday, weighed down by the tech sector as Aussie tech shares followed the US Nasdaq led, and took a tumble.
Sectors wise, only the financials and consumer staples sectors managed to close in the green. The gains for the banks were partly due to the increase in interest rate expectations following the RBA’s monetary policy statement on Tuesday.
Looking at the ASX200 leaderboard, healthcare company, PolyNovo (ASX:PNV) performed well, lifting 4.6% after the business revealed its strong March quarter results. The company delivered a 60% increase in revenue compared with the same period last year. Travel stocks also were amongst the best performers, including Flight Centre (ASX:FLT) and Corporate Travel Management (ASX:CTD) as the sector continues to benefit from the removal of restrictions around the world. Meanwhile, stocks that took a hit yesterday included tech shares NOVONIX (ASX:NVX) and Block (ASX:SQ2), as well as AVZ Minerals (ASX:AVZ).
Moving to the US, all three benchmarks closed in the red for the second day. This comes as the US Federal Reserve gave more insight on its plans to tighten monetary policy to fight inflation. Central bank officials are considering larger rate hikes than the usual 25-basis-points. And across the sea, European markets closed lower off the back of the Fed’s hawkish comments and as investors await details of fresh international sanctions against Russia.
What to watch today: