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Afternoon update: ASX down 0.12% driven by sell-off in Tech

Australian shares are tilting lower in the final hours of trading, primarily driven by a broad sell-off in tech stocks, despite chipmaker Nvidia exceeding analyst expectations in its results. The S&P/ASX 200 is trading 0.12 per cent lower at 7,069.50, while the All Ordinaries is down 0.2%, with energy, materials, and healthcare sectors partially offsetting the tech sector’s decline, and investors awaited the Reserve Bank of Australia’s monetary policy commentary later in the evening.


The SPI futures are down 6 points.

Best and worst performers

The best-performing sector is Utilities, up 0.85 per cent. The worst-performing sector is Information Technology, down 1.31 per cent.

The best-performing large cap is Infratil (ASX:IFT), trading 2.42 per cent higher at $9.32. It is followed by shares in Newmont Corporation (ASX:NEM) and Suncorp Group (ASX:SUN).

The worst-performing large cap is Allkem (ASX:AKE), trading 3.98 per cent lower at $8.92. It is followed by shares in Pilbara Minerals (ASX:PLS) and Mercury NZ (ASX:MCY).

Asian markets

Japan’s Nikkei has gained 0.62 per cent.
Hong Kong’s Hang Seng has gained 0.12 per cent.
China’s Shanghai Composite has lost -0.32 per cent.

Commodities and the dollar

Gold is trading at US$2,019.10 an ounce.
Light crude is trading $-0.15 lower at US$77.62 a barrel.
One Australian dollar is buying 65.57 US cents.

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