Markets live, Thursday, April 7, 2022

The ASX 200 fell for a second day, with tech stocks leading the declines as a hawkish US Fed continues to weigh on global markets and hit commodity prices, providing the biggest boost in the local equity market in recent months.

The ASX 200 fell 0.6% to 7442.8, with the tech sector down 3.4% led by WiseTech which fell 6.5%.

Energy stocks also fell, after oil prices fell sharply overnight on prospects of further releases of crude from strategic reserves and weaker demand from Covid-hit China.

Federal Reserve Governor Lael Brainard said the US central bank will continue to methodically tighten policy and shrink its balance sheet at a rapid pace starting in May.Credit:Bloomberg

Woodside Petroleum fell 2.5% and Santos closed down 1.4%.

Saxo Markets strategist Jessica Amir said investors took profits on Thursday in anticipation of tighter financial conditions after the US Federal Reserve announced it would raise interest rates more than expected and buy fewer stocks. ‘obligations.

“Tonight in the United States, we could see stocks move either way, Ms. Amir said.

Investors have turned to commodities expecting record profits this year, she said, while household basics have posted strong performances. The sector closed up 0.8% on Thursday.

“The things that continue to do well in the stock market are the items that continue to be bought despite the slowing economy,” Ms. Amir said.

In local business news, Magellan Financial Group jumped 13% to a high of $17.52 after reporting that funds under management rose by $900 million in two weeks to $70 billion, after fundus hemorrhage for three months. Magellan’s annual high is $56.

Ardent Leisure rose 9% after the theme park owner raised $1.1 billion from the sale of its highly successful Main Event entertainment business to US restaurant and entertainment company Dave & Busters.

He announced his intention to return $430 million or 90¢ per share to shareholders.

Iron ore giant Fortescue has sold $1.5 billion worth of bonds, part of which is intended to benefit the environment, the latest effort by billionaire founder Andrew Forrest to pivot in the booming green market.

Meanwhile, the Scentre Group, owner of Westfield shopping centres, escaped a potential overthrow of the board when shareholders voted to adopt the pay report at the company’s annual general meeting. Sidney.

Comments are closed.