ASX 200 Slipped 1.76%; 10 Out Of 11 Sectors Closed Lower

By the end of the trading session on 17 June 2022, the benchmark index S&P/ASX 200 ended lower by 1.76% and settled at 6,474.80. Out of 11 sectors, 10 sectors closed lower along with the ASX 200.

Consumer Staples was the only gaining sector, gained 0.57% in its index value. On the other hand, the Materials and Information Technology sectors were the top 2 losing sectors, declined 2.78% and 2.42% in their index values.

EML Payments Limited (ASX: EML) and Carsales.com Limited (ASX: CAR) were the top gainers with 9.434% and 8.084% growth in share prices, respectively. On the other hand, G.U.D. Holdings Limited (ASX: GUD) and HUB24 Limited (ASX: HUB) were the top losers, with a 19.563% and 7.455% drop in share prices, respectively.

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Top Performers for the day:

• Consumer Staples (Up 0.57%)

Top Loser for the day:                                    

• Materials (Down 2.78%)
• Information Technology (Down 2.42%)

Other Factors influencing the market:

• S&P/ASX200 dropped 1.76%, driven by weak Wall Street performance in the previous session. The rising interest rates in the US, the UK, and Switzerland in the last 24 hours stoked recession worries.
• Australian shares have closed the trading week down 6.7% in the worst week for the blue-chip index since March 2020 amid heightened US recession fears, rising interest rates, and stubbornly high inflation.
• Global central banks are rolling out tight monetary policies to combat inflation, as the Swiss National Bank unexpectedly raised rates by 50 basis points on Thursday. At the same time, the Bank of England raised its interest rates to 1.25% on the same day.
• Oil prices are slightly lower as worries about global economic growth and uncertainty weighed on markets after numerous interest rate hikes around the world this week, which is causing the energy sector to fall.
• The materials sector slid sharply after Iron ore fell for its sixth straight session amid a weak economic backdrop in China and as outbreaks in some of its key cities remain a drag on demand.
• G.U.D. Holdings’ share price declined after the company announced a trading update and lowered its FY22 Underlying EBITA of AU$147 million, which was previously between AU$155 million and AU$160 million.
• Dow has closed down by 2.4%, S&P 500 down by 3.3%, and NASDAQ closed lower by 4.1%.
• Hang Seng is up by 1.05%, and FTSE 100 is down by 3.14%.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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