Australian shares slip as tech, gold stocks track Wall Street sell-off

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Nov 24 (Reuters) – Australian shares inched lower on Wednesday, dragged down by technology and gold stocks, as rising Treasury yields sparked a panic selloff of the bullion and some big U.S. tech names.

The S&P/ASX 200 index (.AXJO) fell 0.2% to 7,395.1 by 0039 GMT. The benchmark index closed up 0.8% on Tuesday.

Gold stocks (.AXGD) fell 1.7% after the price of the safe-haven asset dropped to a near three-week low as the renomination of U.S. Federal Reserve Chair Jerome Powell fuelled bets of faster interest rate hikes.

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Gold miners Westgold Resources (WGX.AX) led losses in the sector, dropping as much as 3.8%, while heavyweight Newcrest Mining (NCM.AX) fell 2.2%.

Tech stocks (.AXIJ) also dropped 1.1%, tracking the Wall Street where the rising Treasury yields prompted investors to sell Tesla and other big tech names and buy stocks with lower valuations.

Software maker TechnologyOne Ltd (TNE.AX) was the top loser on the sub-index, tracking its worst day in since May 2021, after brokerage Jefferies cut rating on the stock.

Bucking the trend, domestic energy stocks (.AXEJ) rose 1.5% buoyed by a 3% jump in oil prices to a one-week high, after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.

Woodside Petroleum (WPL.AX) was the top boost to the sub-index, rising 2.8%, while smaller rivals Santos (STO.AX) and Oil Search (OSH.AX) added 2.4% and 1.9%, respectively.

Australian shareholder registry firm Link Administration Holdings (LNK.AX) was the top gainer on the benchmark, a day after it received a new unsolicited proposal from Ireland-based LC Financial Holdings (LCFH) to buy its banking and credit management (BCM) business. read more

New Zealand’s benchmark S&P/NZX 50 index (.NZ50) was largely unchanged at 12,687.29.

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Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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