- The ASX 200 traded lower by mid-day, dragged down by mining and banking stocks.
- Energy stocks were the biggest losers on the benchmark index, snapping a four-session rally, as oil prices dropped overnight.
- The top laggards were EML Payments Ltd (ASX:EML), Perenti Global Ltd (ASX:PRN), St Barbara Ltd (ASX:SBM), AGL Energy Ltd (ASX:AGL) and Whitehaven Coal Ltd (ASX:WHC).
The benchmark equity index ASX 200 is set for worst day since 26 February, pulled down by miners and banks, snapping a three-day winning streak. The overnight weakness in US stocks also added to the sharp decline. By mid-day, the market was down by 124.90 points or 1.77% to 6,941.10.
Miners fell as much as 2.8%, even as Chinese iron ore futures rose overnight. The heavyweight financial sector neared its worst session in a week.
Energy stocks were the biggest losers on the benchmark index, snapping a four-session rally, as oil prices dropped overnight. Woodside Petroleum Ltd (ASX:WPL) fell 1.6%, while Santos Ltd (ASX:STO) lost as much as 2.9%. Gold stocks also saw losses, with sector heavyweight Newcrest Mining Ltd (ASX:NCM) on track to record its worst day in nearly three weeks.
Despite the weakness, there were a few gainers on the ASX 200.
Appen Ltd (ASX:APX)
The tech stock surged nearly 15% to the intra-day high of AU$12.92. The shares jumped after today the firm said morning that it will restructure its operations, cut jobs and report in US dollars.
The stock was trading at AU$12.73, up 13.26%.
Source: © Ymgerman | Megapixl.com
Nuix Ltd (ASX:NXL)
The tech stock soared just over 7% to AU$3.76. The intelligence software company’s stock has advanced steadily after its investor day presentation. Investors have lapped up the shares after CEO Rod Vawdrey addressed issues and cleared doubts during the presentation. Vawdrey’s remarks on taking full responsibility for the performance of the business have been well received by the market.
The stock was trading at AU$3.67, up 4.86%.
United Malt Group Ltd (ASX:UMG)
The consumer stock rose nearly 3% to the day’s high of AU$4.55. United Malt Group Ltd on Wednesday reported a fall in profit and revenue for the half year ended 31 March 2021 due to the challenges posed by COVID-19. The net profit after tax was down 54% on the prior corresponding period to AU$13.2 million, while the revenue fell by 11% to AU$590 million. Despite this, the shares were up because the company said that the financial results were still higher than the earnings guidance released at its AGM.
The stock was trading at AU$4.53, up 2.49%.
Source: © Sadeq68 | Megapixl.com
Reece Ltd (ASX:REH)
The industrial stock surged over 2% to AU$21.50. There was no major update by the company today. The stock may have soared after industrial metals gained, with copper rising to a record high on supply side issues.
The stock was trading at AU$21.28, up 1.38%.
Altium Ltd (ASX:ALU)
The tech stock rose 1.5% to AU$24.68. The stock of the electronic design software provider may have surged amid expectations of growth in electronic devices globally. Even as the shares of the company are down over 35% from its 52-week high, they offer good bet to long-term investors.
The stock was trading at AU$24.67, up 1.48%.