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Yesterday, the local market yesterday was trading in negative territory, ignoring the positive lead from Wall Street and closing with a loss of 2% or 155 points.
There is a lot of focus recently on the impact that the lockdowns in China will have on the demand outlook of commodities, which weighed down on the market. The materials sector suffered the greatest loss, shedding more than 5%, following a decline in commodity prices. A drop in oil prices also saw energy shares also suffer heavy losses, with the sector closing 4% lower. And all 11 industry sectors closed in the red.
Mining shares accounted for most of the worst performers, however the stock that declined the most was EML Payments (ASX:EML), which dropped 38.6% after cutting its EBITDA guidance by 8%, revenue guidance by 4% and profit guidance by 6.6%. Meanwhile, stocks that managed to post gains included Virgin Money (ASX:VUK), Block (ASX:SQ2) and Nufarm (ASX:NUF).
The most traded stocks by Bell Direct clients yesterday included BHP Group (ASX:BHP), the Vanguard Australian Shares ETF (ASX:VAS), Lake Resources (ASX:LKE), Bank of Queensland (ASX:BOQ) and Northern Star Resources (ASX:NST).
There was broad selling in New York, with 10 of the 11 S&P500 industry sectors closing lower, while higher oil prices lifted energy shares. A big tech-sell off saw the Nasdaq hit a fresh 52- week low, closing 4% lower and retreating further into bear market territory. The Dow Jones closed 2.4% lower and the S&P500 closed 2.8% lower.
What to watch today: