ASX suffers the worst week since November as tech falls anew

Pendal Group shares tumbled 12.7 per cent to $5.00 after a “disappointing” fourth quarter when the group’s funds under management fell, as clients withdrew their money from the investment manager.

Healthcare stocks also came under pressure. CSL declined 2.3 per cent to $276.00, Pro Medicus lost 13.9 per cent to $46.59, Sonic Healthcare fell 9 per cent to $40.79, Nanosonics dipped 6.8 per cent to $5.50 and Healius slid 7.1 per cent to $4.69.

Consumer stocks suffered as companies stepped up warnings of supply-chain difficulties because of the rapid spread of the omicron variant.

ARB Corp lost 13.7 per cent to $45.59, Reece slid 11.2 per cent to $24.27, Domino’s Pizza fell 10.6 per cent to $103.35, Ingham’s Group declined 9.4 per cent to $3.27, Collins Foods dropped 8.3 per cent to $11.91 and Breville Group slipped 7 per cent to $28.84.

The major miners countered the losing trend, buoyed by the strong price of iron ore. BHP Group climbed 6.7 per cent to $46.68, Rio Tinto advanced a similar margin to $110.60, Fortescue Metals Group rose 4.9 per cent to $21.37 and Mineral Resources firmed 11.1 per cent to $65.62.

AGL Energy helped offset some market losses, soaring 18.9 per cent to $7.47. Mid-week, Credit Suisse said it was its top pick among Australian energy sector equities because of its advantage in low-cost coal supply.

The smaller miners also ended the week higher. Nickel Mines firmed 13.7 per cent to $1.62, South32 rose 6.6 per cent to $4.18, and Liontown Resources climbed 11.4 per cent to $1.72.