ASX stocks falter as tech, health losses offset gains by miners, banks
The ASX 200 index is trading lower with gains among the big miners and banks being offset by weaker tech and health players.
The ASX 200 is 0.2 per cent lower at 7570 at 1.20pm AEDT on losses by healthcare giant CSL with fintech Afterpay also among heavy losers.
The technology sector is nearly 3 per cent weaker led by sharp falls in Afterpay and Tyro Payments shares.
Afterpay is trading 4.4 per cent lower at $80.09 after Morgans downgraded its price target over poor earnings visibility in the lead up to the February results season.
Tyro was the worst tech index stock, down 4.8 per cent to $2.78.
Zip, another fintech mentioned in the Morgans report, is down more than 5 per cent to $5.10.
Among health stocks, CSL, currently working through its $16.4bn bid for Vifor, contributed the most to the index decline, decreasing 1.6 per cent to $291.29.
Pro Medicus was the worst performer on the health index, diving 7 per cent to $58.72.
Construction business Adbri was the strongest performer on the ASX 200, up 2.4 per cent to $2.96.
Macquarie Group has gained more than 2 per cent to $215.9.
Clinuvel Pharma led the ASX 200 declines, falling 6.5 per cent to $26.99.
Consumer staples stocks Coles and Woolworths both fell more than 1 per cent to $17.70 and $37.90, respectively. Blackmores is down more than 2.6 per cent to $89.14.
ANZ is the weakest among the big four trading flat at $27.98 while Westpac, NAB and CBA all higher.
Strong commodity prices buoyed mining giant BHP, gaining 1 per cent to $42.80, and Rio Tinto, which is up 0.8 per cent to $100.49.
Energy giants Santos and Woodside are stronger at $6.74 and $22.80, respectively.
In overseas trading Wall Street ended mixed.
The Dow Jones Industrial Average lifted 0.6 per cent to record highs but the S&P 500 fell 0.1 per cent and the tech-heavy Nasdaq Composite slumped 1.3 per cent.
US traders are keeping a close watch also over high inflation concerns and are looking ahead to this week’s release of minutes from the Federal Reserve’s December policy meeting.
Those minutes are likely to offer insight into its plans amid surging inflation, that is forcing central banks to wind back pandemic stimulus and raise interest rates.
The Fed has already started tapering its bond-buying program and the focus is now on what it will do with interest rates, with some commentators predicting three hikes before 2023.
Elsewhere, OPEC and its allies, as expected, maintained their practice of modestly increasing oil output every month as the rapidly spreading Omicron variant has so far not heavily hit demand.
The OPEC+ grouping, including top producers Saudi Arabia and Russia, has resisted US pressure to more widely open the taps as high energy prices are fuelling a surge in inflation across the world.
The price of Nymex WTI crude climbed 1.2 per cent to $US76.99 per barrel.
Iron ore rose nearly 3 per cent to $US122.90 a tonne.
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