ASX washout ends the fiscal year with a -10.2% fall

June 30, 2022 - 2 months ago

The Australian share market felt the brunt of a bearish return after booking its worst monthly performance since the start of the pandemic.

The benchmark S&P/ASX 200 index dropped -132.1 points, or -1.97%, at 6,568.1, while the All Ordinaries fell -131.4 points, or -1.91%, to 6,746.5, while our local currency, the Australian dollar, is currently buying US$0.6878.

In other numbers, the index fell by -8.9% in June, its worst month since March 2020. It tumbled by -12.4% this quarter, snapping six straight quarters of gains and plummeting by -11.8% this half-year and closed off this current financial year by -10.2%.

The S&P/ASX 200 followed in Wall Street’s weak choppy day of trading as local traders/investors cut positions amid renewed concerns over rising interest rates and their impact on the global economy.

In Financials, the Commonwealth bank slid -2.82% to $90.39, NAB lost -2.42% to $27.39, while ANZ declined -2.65% to $22.03, Westpac settled at $19.50, a loss of +2.21% and Macquarie Group Ltd lost -2.12% to $164.51.

Miners weighed heavier on the index as titans, BHP Billiton dropped by -3.53% to $41.25, Rio Tinto lost -3.32% to $102.70, and Fortescue Metals Group plunged by -4.73% to $17.53.

Woodside dropped -2.99% in energy to $31.84, with Beach Energy falling by -3.63% to $1.725 and Santos sliding by -1.59% to $7.42.