(AUSTRALIA) – ASX – The stock market took a 1.5 percent nosedive in early trading, mirroring Wall Street’s recent downturn as concerns about prolonged higher interest rates persisted.
All sectors within the ASX 200 experienced declines, with technology stocks, particularly sensitive to interest rates, leading the pack with a 2.2 percent drop, following the Nasdaq‘s 2 percent slide overnight.
ASX sees mining and banking declines
Mining giants BHP Group and Rio Tinto both saw declines exceeding 2 percent, as iron ore prices slipped overnight. The major banking institutions also pulled back, with Commonwealth Bank seeing a 1.3 percent dip.
Energy stocks took a hit as West Texas Intermediate steadied at approximately $90 per barrel on Friday.
On the flip side, Costa Group, a fruit and vegetable processor, surged by 6.6 percent, marking the day’s top performer, after accepting a $3.20 per share takeover bid from U.S. buyout firm Paine Schwartz Partners.
News Corp shares rallied by 1.6 percent following the announcement of Rupert Murdoch’s decision to step down as chairman.
Pathology group Australian Clinical Labs experienced a 1.4 percent drop after the competition watchdog demanded more details regarding its proposed merger with Healius, which in turn saw a 2.5 percent decline in its shares.
Gas pipeline owner APA Group saw a 1 percent decrease as the company unveiled its climate transition plan.
