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The sharemarket trimmed early losses but was still 1 per cent down by midday in Sydney, as investors shunned risk assets on fears that higher interest rates would remain in place for months to come.
All 11 sectors on the ASX 200 declined with interest rate-sensitive tech leading losses. That’s after a 2 per cent slump on the tech-heavy Nasdaq overnight.
Miner Rio Tinto shaved off 2 per cent as iron ore fell overnight. BHP Group lost 1.4 per cent. All the major banks retreated with Commonwealth Bank and ANZ falling the most, down 1 per cent.
Energy stocks fell as West Texas Intermediate steadied near $US90 a barrel on Friday. Labour unions and Chevron have agreed to a compromise deal, spelling the end to more than two weeks of work stoppages that threatened to disrupt LNG exports from Western Australia.
Miners New Hope and Whitehaven slumped 2 per cent, tracking a 2.3 per cent drop in Newcastle coal futures for delivery in November to $US164 a tonne.
In contrast, fruit and vegetable processor Costa Group topped the main index with a 6.2 per cent jump after accepting a $3.20 cash per share takeover offer by US buyout company Paine Schwartz Partners.
News Corp shares rallied 1.4 per cent following news that Rupert Murdoch will step aside as chairman.
Pathology group Australian Clinical Labs edged 0.4 per cent lower after the competition watchdog said it required more information about its planned merger with Healius. Healius shares retreated 1.5 per cent.
Gas pipeline owner APA Group eased 0.5 per cent as the company released a report on its climate transition plan.
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