Big banks, tech stocks weigh on ASX
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The news: The ASX 200 was down more than 1% by midday, weighed down by technology and bank stocks.
The numbers: Technology (-2.2%) and financials (-1.9%) were the worst performing sectors after morning trade.
Life360 (-3.5%), WiseTech (-2%) and Technology One (-2%) led the tech selloff, tracking declines on the tech-heavy Nasdaq on Friday.
Meanwhile, banking heavyweights Westpac (-1.8%), Commonwealth Bank (-1.7%), Macquarie Group (-1.7%), National Australia Bank (-1.6%) and ANZ (-1.3%) all lowered.
The worst two performing companies across the ASX 200 were retail group Premier Investments (-15.8%), which reported a slump in first-half sales, and construction and mining contractor NRW Holdings (-8.5%), which announced the resignation of its chief financial officer Richard Simons this morning.
Elsewhere, the energy sector surged more than 2%, boosted by gains by oil majors Woodside Energy (2.8%), Karoon Energy (2.5%) and Beach Energy (1.9%) as Brent crude hit a four-month high. Uranium stocks also rallied, with Deep Yellow (3.5%), Boss Energy (2.7%) and Paladin Energy (2.2%) among the top 10 performing ASX 200 companies.
