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The Aussie market is selling off following a similar situation on Wall Street overnight as investors become nervier on rising longer term US Treasury yields.

The ASX 200 was down as much as 175 points or 2.5% in the opening few hours of trade but has since seen a slight recovery, but still lower by 152 points or 2.2% to 6704. At lunch, the benchmark index is still on track for its worst daily decline of the year so far. These falls are also putting pressure on the weekly and monthly performance.

Every sector is trading lower by at least 1% with technology the worst performer, sliding 5%. Afterpay (APT) is down 9.5% having resumed trade from a halt all of yesterday. The buy-now pay-later provider will raise $1.5 billion via its convertible notes offer and it was also advised that coCEO’s Anthony Eisen and Nicholas Molnar have each sold 450,000 shares at $134.36.

Today also marks the last day of the official February profit reporting season. (KGN) is 8% lower even after net profit more than doubled to $23 .6 million while revenue jumped 89% to $414 million. KGN also increased its interim dividend to 16 cents per share.

Harvey Norman (HVN) also saw reported net profit more than double to $462 million on a 25% lift in total aggregated sales to $5.1 billion as sales for furniture electrical and whitegoods sales remain strong during the pandemic. HVN also raised its dividend to 20 cents per share. HVN shares are 2% softer.

Infant formula maker Bubs (BUB) is lifting 3.6% goat milk formula sales to China rose 36% while Australian retail sales also saw strong growth. BUB still ran at a net loss of $12.9 million.

Elsewhere, AMP is 4% higher as it look to partner with US Investment firm Ares Management .Ares will take a 60% stake in AMP Capital’s Private Markets business for $1.35 billion, which includes infrastructure equity & debt, real estate & other investments. Mesoblast (MSB) is in a trading halt pending an announcement in relation to a proposed private placement to a targeted industry investor.

The AUD has eased back from recent levels around 3 year highs and is now buying 78.57 US cents on USD strength.

Published by CommSec