Australian shares have fallen in a cross-sector sell-off, dented most by miners and technology stocks, as investors kept a cautious stance following a lower finish on Wall Street, amid fears of inflation and policy tightening by the US Federal Reserve.
Key points:
- The ASX 200 has extended its loss from Friday
- Stocks dropped in Europe, Asia after Wall Street sell-off
- Oil prices fell from seven-year highs earlier last week
The ASX 200 closed down 0.5 per cent at 7,140, hitting its lowest level since last May.
The broader All Ordinaries index fell further, losing 0.7 per cent to 7,442 by the close.
Eight of 11 sectors were lower, with technology, materials and energy stocks shedding 1.7 per cent, 1.4 per cent and 0.6 per cent, respectively.
Regis Resources (-14.3pc), Life360 (-8.9pc) and Novonix (-6.7pc) were among the biggest losers.
Meanwhile, shares of homewares retailer Adairs took a dive, dropping 21.5 per cent to $2.99.
The company estimated that COVID-related store closures reduced its sales by $30-36 million and its earnings before interest and taxes by $14-18 million in the first half of the year.
“During the half, despite significant operational disruptions, we have made strides in progressing our strategic priorities by commissioning our new National Distribution Centre, upsizing selected stores, continuing to expand our range and adding to our omni-channel capabilities,” CEO Mark Ronan said in a statement.
There were not many significant gains in the…
