ASX ends in a sea of red as tech stocks plunge

May 12, 2022 - 2 weeks ago
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The Australian share market posted its weakest close since January as the tech sector slumped to its lowest level since March 2020.

The benchmark S&P/ASX 200 index lost -123.7 points, or -1.75%, to 6,941.0, while the All Ordinaries dropped -137.8 points, or -1.89%, to 7,166.6, while our local currency, the Australian dollar, is currently buying US$0.6880.

All sectors suffered, with Information Technology hit the hardest after plummeting by -8.70%.

Afterpay owner Block Inc nosedived by -17.6% to $99.90, while accounting software firm Xero erased -11.6% of its share price and settled at $76.90 – its lowest since early 2020.

Wisetech Global dropped -6.9% to $38.24, and Zip Co was -6.5%, lower at $0.93.5.

Titan miners, BHP settled lower at -1.6% to $44.95, Rio Tinto lost -2.1% to $103.43 and Fortescue Metals tumbled -2.8% to $10.01.

The “Fab Four” banks were mixed, with the Commonwealth Bank adding +0.6% to $102.15 and NAB rose +1% to $30.82, while Westpac slid -1.9% to $23.79 and ANZ shed -1% to $25.16, while Macquarie Group slumped by -3.8% to $175.21.

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