ASX plummets 1.5% on tech rout; St Barbara, Silver Lake rise 

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ASX plummets 1.5% on tech rout; St Barbara, Silver Lake rise 

The ASX 200 dropped 1.5% by mid-session on Wednesday
Image source: LStockStudio,Shutterstock


  • The ASX 200 nosedived 1.5% by mid-session on Wednesday.
  • Barring utilities, all sectoral indices were bleeding in red.
  • Tech stocks were the biggest losers amid concerns about rollback of economic stimulus.
  • Gold mining stocks like St Barbara, Silver Lake Resources, Regis, and Evolution Mining topped the gainers’ chart.
  • NSW reported 863 new local coronavirus cases, while Victoria’s daily case tally surged to 950. 

Australian shares continue to remain under stress by mid-session on Wednesday, tracking weak cues from Europe and the US markets. The looming fear about rollback of COVID-19 stimulus measures hammered interest rate-sensitive tech stocks. Rising bond yields also dented market sentiment as it reignited concerns about rising inflation. The correction in commodity prices amid worries over production curbs from China also left investors jittery.

The benchmark index, ASX 200, was trading 109.40 points or 1.50% lower at 7,166.20, by lunch. The index opened 0.52% lower today, tracking negative cues from the US Stocks which closed lower in overnight trade. The Dow Jones Industrial Average tumbled 1.63%, while the S&P 500 nosedived 2.04%. The NASDAQ Composite plummeted 2.83% amid tech rout on rate hike concerns.

Back home, on the sectoral front, ten of the 11 sectoral indices were trading in negative terrain as investors lost their risk appetite. Bucking the bearish trend, the utilities sector saw some buying, trading marginally higher.


ASX plummets 1.5% on tech rout; St Barbara, Silver Lake rise


Information technology was the worst performing sector with a 2.2% loss, tracking overnight fall in its US counterpart, NASDAQ Composite. Tech stocks in the US nosedived as anxiety over when the US Fed might raise interest rates led to a spike in bond yields.

Among others, materials, health care, telecom and consumer discretionary space also witnessed a surge in selling, falling over 1%. Energy, industrial, financial and A-REIT were also reeling under selling pressure.  

NSW reports 863 COVID-19 cases, Victoria’s tally rises to 950

Victoria’s daily COVID-19 case tally surged past NSW for second day

Image source: © Scaliger |

New South Wales (NSW) reported 863 new local coronavirus cases and fifteen deaths in the past 24 hours. Victoria’s daily case tally surged past NSW numbers for the second straight day. It continued to register a spike in daily cases, with fresh 950 infections and seven deaths on Wednesday. This is the highest number of infections as well as death ever recorded in a single day in the State.

Top gainers and losers

The top loser on the ASX  was investment management group Pinnacle (ASX: PNI), which fell 6.4%. Some of the other notable losers were mining infrastructure services firm Mineral Resources (ASX:MIN), resource company Iluka Resources (ASX: ILU), steel producer BlueScope Steel (ASX:BSL) and tech firm Codan (ASX:CDA).

Data Source: ASX Website (as of 29 September 2021, 12:00 PM AEST)

On the gaining side, gold miner St Barbara (ASX:SBM) topped the gainers’ chart by rising 4.3%. Some of the other top gainers were gold producers Silver Lake Resources (ASX: SLR), Regis Resources (ASX:RRL) and Evolution Mining (ASX:EVN) as well as energy firm AGL Energy (ASX:AGL).

Shares in news

Buzzing stocks: Crown Resorts, APA Group, AusNet Services, Woolworths, Smartgroup

Image source: © Stbernardstudio   |

Crown Resorts appoints Redbubble’s chairman to its board

Shares of Australia's largest gaming and entertainment group, Crown Resorts (ASX: CWN), dropped 1.6% by mid-session. The casino giant has appointed Anne Ward, the chairman of ASX-listed e-commerce group Redbubble, as a new independent non-executive director to the board.

APA Group extends proposal to acquire AusNet Services

Energy Infrastructure business APA Group (ASX:APA) and peer company AusNet Services (ASX:AST) are in the news over an acquisition proposal. Shares of APA Group rose over 1% after it extended its proposal to acquire all the issued shares in AusNet Services. Meanwhile, AusNet shares were trading down 0.2%.

Smartgroup Corporation receives a takeover bid  

Shares of professional service provider Smartgroup Corporation (ASX:SIQ) rallied over 17% after it received a takeover offer. The consortium behind the proposal comprises TPG Global, LLC. and Potentia Capital and seeks Aware Super Pty Ltd to be an equity co-investor.

Bigtincan Holdings bags AU$2M contract

Shares of Bigtincan Holdings (ASX:BTH) dropped over 3% after the software solution provider secured a contract worth AU$2 million from phone insurance provider Asurion.

Woolworths Group raises AU$700M via unsecured notes

Food and staple retailing giant Woolworths Group (ASX:WOW) has successfully priced AU$350 million of senior unsecured six-year notes and AU$350 million of ten-year notes. Following the announcement, shares of Woolworths were trading marginally lower.


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