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It’s Wednesday of Week 34, and today Australian shares are trading lower, with banks and technology stocks weighing on the market as investors track weakness on Wall Street and higher bond yields. The ASX 200 is down 0.4 per cent, with seven of the 11 sectors trading lower.
The banking sector is today’s biggest laggard, as investors continue to take money off the table following recent earnings results. Commonwealth Bank is down 1.5 per cent, while Westpac and National Australia Bank are also lower.
Technology is also under pressure, but WiseTech Global is the standout story of the day, plunging more than 10 per cent today after the ACCC executed search warrants as part of an investigation into alleged competition law contraventions.
The broader tech sector was already under pressure after US chip stocks sold off overnight, with higher global bond yields weighing on rate-sensitive growth stocks. NextDC is down 5.4 per cent, while TechnologyOne has fallen 1.5 per cent.
Meanwhile, oil continues to climb as the US and Iran firmly remain in a stalemate over control of the Strait of Hormuz. US crude has moved above US$85 a barrel, while Brent is trading above US$91, with little signs of progress towards resolving the conflict.
Healthcare is providing one of the brighter spots on the market, extending its strong run from Tuesday. CSL is up 3.7 per cent, while Sonic Healthcare has gained 2 per cent.
In company news, Hansen Technologies has plunged nearly 16 per cent after long-serving CEO Andrew Hansen stepped aside. Breville is down 6.4 per cent, despite reporting record sales, with earnings hit by US tariffs and costs accrued by moving its manufacturing away from China.
Temple & Webster has sunk more than 16 per cent after refusing to provide revenue guidance because of uncertainty around the housing market, while also revealing sales had fallen sharply over the past seven weeks.
And onto a stronger performer, Stockland has surged almost 13 per cent after reporting a 20 per cent increase in its full year net profit.
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