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Pro Medicus (ASX:PME) shines amid tech sell off: All Ordinaries (ASX:XAO) falls

Just two of the S&P/ASX 200’s (INDEXASX: XJO) sectors managed a positive result on Tuesday, led by the healthcare sector, which finished 1.1% higher.

The likes of Resmed CDI (ASX: RMD) and CSL Limited (ASX: CSL) bucked the trend, acting as a safe haven amid a technology and materials led selloff.

Surging bond yields in the US continue to put pressure on company valuations, while continued weakness in the iron ore price his Mineral Resources Ltd (ASX: MIN), down 2.3%. Both Xero Limited (ASX: XRO) and Next DC Ltd (NYSE: NXT) fell by more than 2%, but Pro Medicus Limited (ASX: PME) was a standout, adding 12.4%.

Pro Medicus Limited share price

The radiology imaging technology firm announced another $140 million ten year contract in the US as the business continues to scale quickly.

Shares in HMC Capital Ltd (ASX: HMC) weakened amid news of the launch of a significant healthcare property fund as activity in the property sector continues to surge amid growing uncertainty around valuations.

Qantas Airways and Air New Zealand sink

Both Qantas Airways Limited (ASX: QAN) and Air New Zealand Limited (ASX: AIZ) dropped by more than 1% as the former received a ‘sell’ rating from a major broker and the latter held off on offering a profit forecast in light of surging fuel prices and volatility in the NZ Dollar.

Lithium miner Liontown Resources Ltd (ASX: LTR) fell 1.7% despite news that Gina Rinehart had increased her strategic stake in the business to 10.7%, up from 7.7.

Liontown Resources Ltd share price

The news comes as the company faces a $6.6 billion takeover offer from global giant Albemarle Corporation (NYSE: ALB), with the shareholding acting to muddy the waters and likely seek a higher price.

Sticking with acquisitive activity, Czech-based investor Sev.en Global Investments announced it would purchase 51% of Coronado Global Resources Inc (ASX: CRN) sending the share price 2.7% higher. The group is seeking to capitalise on growing demand for steel, of which coal is a key energy source.

Finally, Suncorp Group Ltd (ASX: SUN) announced the departure of banking CEO Clive van Horen, ahead of it’s AGM, as the company faces a battle for the sale of the division to ANZ Group Holdings Ltd (ASX: ANZ).

US sinks on bond yields:, Inc. hit by anti-trust claims

US benchmarks continued to face selling pressure as the 10 year bond yield remains fixed at more than a decade high above 4.5%. This is putting pressure on valuations, with the Dow Jones Industrial Average (INDEXDJX: .DJI) falling 1.2%, the S&P500 (INDEXSP: .INX) 1.4% and the Nasdaq Inc (NASDAQ: NDAQ) 1.5%.

The selloff comes after a day of respite but remains widespread, led by e-commerce giant, Inc. (NASDAQ: AMZN) which fell 4% after receiving news of a legal case alleging monopolistic behaviour., Inc. share price

JPMorgan Chase & Co (NYSE: JPM) CEO Jamie Dimon, suggested the market is not ready for interest rates that could move past 7% and would have a significant impact on the economy and markets. Consumer confidence continues to wane, while a shortage of property has boosted house prices in July by close to 1%.

Tesla Inc (NASDAQ: TSLA) shares fell 1% after the company is said to have benefited from Chinese subsidies which could lead to fines in Europe.

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