SYDNEY, AAP – The Australian share market has fallen for the third straight session, this time with tech stocks and financials the biggest drag at midday.
The benchmark S&P/ASX200 index was down 52.1 points, or 0.71 per cent, to 7,266 at noon on Tuesday.
The broader All Ordinaries had fallen by 53.2 points, or 0.7 per cent, to 7,550.8.
The losses followed a tough day on Wall Street, where the NASDAQ composite fell by 3.95 per cent to hit a fresh 52-week low.
Australian tech shares were down by 2.5 per cent on Wednesday, with Square falling 6.2 per cent and Xero dropping 1.9 per cent.
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Life360 sank 22.2 per cent to a 52-week low of $4.16 after the family tracking app company scrapped its plans for a dual listing in the United States “due to a change in market conditions”.
The Reject Shop fell 15.1 per cent to $4.33 after announcing that its chief executive of two years had resigned, effective on Tuesday. Andre Reich said he wanted to pursue other opportunities after successfully executing a turnaround of the discount store chain.
The big four banks were all down, by between 1.2 and 1.9 per cent.
Iron ore miners Fortescue Metals and BHP had rebounded somewhat after Tuesday’s brutal selloff, rising 1.8 and 1.4 per cent, respectively.
The energy sector was also in recovery mode, rising 0.9 per cent on an otherwise dreary day for the market. Whitehaven Coal rose 4.6 per cent, while Santos added 1.2 per cent.
The Aussie dollar strengthened against the greenback after the Australian Bureau of Statistics announced that consumer prices had soared 5.1 per cent in the past 12 months.
