Australian stocks fall as technology and gold stocks track Wall Street sell-off
November 24 (Reuters) – Australian stocks edged lower on Wednesday, dragged down by technology and gold stocks, as rising Treasury yields triggered a panic sell-off of bullion and some big US tech names.
The S & P / ASX 200 Index .AXJO fell 0.2% to 7,395.1 at 0039 GMT. The benchmark index closed 0.8% higher on Tuesday.
Gold stocks .AXGD fell 1.7% after the price of the safe-haven asset fell to an almost three-week low, with the re-appointment of US Federal Reserve Chairman Jerome Powell fueling bets on faster increases in interest rate. GOL /
Gold miners Westgold Resources WGX.AX led the losses in the sector, dropping as much as 3.8%, while heavyweight Newcrest Mining MR.AX fell 2.2%.
Technological actions .AXIJ also fell 1.1%, following Wall Street where rising Treasury yields prompted investors to sell Tesla and other big names in tech and buy stocks with lower valuations. .NOT
Software Manufacturer TechnologyOne Ltd TNE.AX was the sub-index’s first loser, following its worst day since May 2021, after broker Jefferies downgraded the stock’s rating.
Against the trend, domestic energy stocks .AXEJ rose 1.5% supported by a 3% rise in oil prices to a week-long high, after a decision by the United States and other consuming countries to release tens of millions of barrels of oil from reserves in an attempt to cool the market did not meet some expectations. WHERE
Woodside Oil WPL.AX was the main driver of the sub-index, up 2.8%, while smaller rivals Santos STO.AX and oil search SST.AX added 2.4% and 1.9%, respectively.
Australian Shareholder Registration Company Link Administration Holdings LNK.AX was the first benchmark winner, a day after receiving a new unsolicited offer from Irish firm LC Financial Holdings (LCFH) to buy its banking and credit management (BCM) business.
New Zealand Benchmark S & P / NZX 50 .NZ50 was largely unchanged at 12,687.29.
(Reporting by Indranil Sarkar in Bangalore; Editing by Rashmi Aich)
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