The Match Out: Market takes a backwards step after a strong week, Tech and uranium stocks cop the brunt of selling

The Match Out: Market takes a backwards step after a strong week, Tech and uranium stocks cop the brunt of selling

A downbeat start to the new trading week with the ASX off more than 1%, although it wasn’t all bad news with some pockets of strength emerging as the day progressed pushing the index +50 points above the early morning lows. Healthcare was a standout +1.97% while recessionary fears led to declines in Energy (-6.30% and Materials (-5.27%). The ASX 200 finished 105 pts / -1.60% at 6469

The Healthcare sector was best on ground (+1.97%) while Staples (+1.20%) & IT (+1.11%) were also strong.

Energy (-6.30%) and Materials (-5.27%) the weakest links.

While the broad market was weak, it seemed there was an appetite to buy some stocks but very much focussed on the defensive, profitable, well-known names that offer perceived safety. One sector that didn’t experience this vote of confidence was the energy stocks, coal names in the firing line with Whitehaven (WHC) -14.02% and New Hope […]

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