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ASX closes 0.7% as tech sector experiences sell-off

PUBLISHED

2023-09-13

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On Wednesday, the ASX experienced a decline driven by a sell-off in the technology sector, just before the release of important US inflation data. The S&P/ASX index closed down 0.7%, losing 53 points to reach 7153.9, while the broader All Ordinaries index dropped by 0.8%. Particularly, tech stocks had their worst performance of the month, falling by 1.6%. Key companies in the tech sector such as WiseTech Global (ASX:WTC), Xero (ASX:XRO), and NEXTDC (ASX:NXT) all saw declines of more than 1%.

Futures

The Dow Jones futures are pointing to a fall of 54 points.

The S&P 500 futures are pointing to a fall of 7 points.

The Nasdaq futures are pointing to a fall of 22 points.

The SPI futures are down 53 points.

Best and worst performers

The best-performing sector was Utilities, up 0.19 per cent. The worst-performing sector was Information Technology, down 1.56 per cent.

The best-performing large cap was EBOS Group (ASX:EBO), closing 3.24 per cent higher at $33.43. It was followed by shares in Meridian Energy (ASX:MEZ) and Yancoal Australia (ASX:YAL).

The worst-performing large cap was IGO (ASX:IGO), closing 7.58 per cent lower at $13.17. It was followed by shares in Pilbara Minerals (ASX:PLS) and Medibank Private (ASX:MPL).

Asian markets

Japan's Nikkei has lost 0.21 per cent.

Hong Kong's Hang Seng has lost 0.27 per cent.

China's Shanghai Composite has lost 1.04 per cent.

Company news

Chimeric Therapeutics (ASX:CHM) announced the execution of a clinical study agreement with The University of Texas MD Anderson Cancer Center to support the “ADVENT-AML” Phase 1B study, for patients with newly diagnosed Acute Myeloid Leukaemia. In response, Jason B Litten, MD, Chief Medical Officer, stated, “By combining CHM 0201 with the current standard of care for AML patients we may be able to significantly enhance the outcomes for these patients.”

Apollo Minerals (ASX:AON) announced bonanza gold grades at the Salane Gold Project. In response, Managing Director, Neil Inwood, commented: “It is impressive to see multiple rock chips over 100g/t Au in two separate vein systems 2.8km apart and high-grade gold rich veining visible at surface.”

Caspin Resources (ASX:CPN) announced the highest grade REE mineralisation intersected to date at the Duchess Prospect, Mount Squires. In response, Caspin’s Chief Executive Officer, Mr Greg Miles, commented “The greatest attribute is the high proportions of heavy rare earths which are some of the most important critical minerals for future technologies and as a consequence, some of the most valuable.”  

Commodities and the dollar

Gold is trading at US$1,932.60 an ounce.

Iron ore is 1.6 per cent higher at US$122.60 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

Light crude is trading $0.19 higher at US$89.03 a barrel.

One Australian dollar is buying 64.03 US cents.

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