The ASX200 has been down 1.3% at 8,235 points in afternoon trade.
Profit takers have swooped in after the bourse came within a whisker of yet another record high yesterday.
Investors have pared RBA rate cut expectations after three year bond yields spiked and traders delayed their timing of the first rate cut to May.
It’s a sea of red as all sectors are retreating. Real Estate is the worst performer, down 2.1%, followed by Health Care, down 1.9% and Discretionary, down 1.7%.
Company News
Wisetech (ASX:WTC) has been up 0.6% on news its billionaire founder Richard White has settled his legal battle with former lover Linda Rogan. Yesterday saw almost 15% and $6 billion in market cap wiped from the company’s valuation.
Wisetech has been $105.27
Magnetite Mines (ASX:MGT) has been up around 3% after joining a consortium aimed at accelerating South Australia’s green iron industry.
Magnetite Mines has been 17.5 cents.
Neometals (ASX:NMT) has confirmed Primobius, its 50/50 Joint Venture with Europe’s SMS Group, is now crucial to Mercedes Benz’s battery recycling strategy.
Neometals closed at 9.4 cents.