Weak global sentiment continues to pressure the S&P/ASX 200 (ASX: XJO) with the market falling another 11 points or 0.2% on Wednesday.
This time the selling was widespread, with just utilities and energy gaining 1% and 1.2%, respectively, whilst the technology and industrial shares bore the brunt of the selloff.
TechnologyOne and Pinnacle shares tumble
Pinnacle Investment Management Group Ltd (ASX: PNI) shares were also 5.6% lower after exiting their trading halt following a discounted capital raising to fund the purchase of private equity firm Five V Capital.
Meanwhile, ASX iron ore shares also continued their strong recent run as the Chinese price reached US$100 per tonne once again.
Featured: Fortescue ASX share review on The Australian Finance Podcast
RBNZ hikes rates (again)
In a much-anticipated decision, the Reserve Bank of New Zealand hiked rates for the second time from 0.5% to 0.75% in an effort to slow down the incredible housing price increases, which exceeded 30% over the last 12 months.
ASX slapped with ASIC conditions
The result will be a greater level of oversight and management responsibility, with professional services firm Ernst & Young to be involved in the entire process ahead of the launch of the new CHESS system.
Webjet at “tail end” of pandemic
Whilst the quantum isn’t great, the fact that the company is profitable is an important step as it nears what management has described as the ‘tail end’ of the pandemic.
Harvey Norman profit slumps
The ASX retailer reported a 36% fall in profit compared to 2020 levels, due to significantly stronger comparable results.
Total sales revenue contracted by close to 9%, with signs that the work-from-home boom may mean a slowdown in white goods and furniture sales.
ASX 200 today
Looking ahead, the ASX 200 is expected to edge higher when the market opens on Thursday, following a mostly positive lead from US markets overnight. To find out more, check out my US stock market report.