ASX falls, tracking US declines; Bitcoin hits record high — Capital Brief

The news: The Australian sharemarket closed lower, tracking losses on Wall Street after a proposed tax-cut and spending bill stoked concerns the US deficit will balloon by trillions.

The benchmark ASX 200 fell 0.45% to 8,348.7, with 10 of the 11 sectors finishing in the red, coming off Wednesday’s three-month high.

Concerns about the US deficit and the weakening US dollar also helped Bitcoin hit a new record high. The cryptocurrency soared past $111,000 for the first time and was priced at US$110,741.90 at 4:39pm AEST.

Biggest movers:

• Tech sector (-1.67%) — Was the worst performing sector as Australia’s five biggest tech companies all dropped, with NEXTDC (-2.48%) suffering the biggest fall, followed by TechnologyOne (-2.41%), Wisetech Global (-2.33%), Life360 (-1.05%) and Xero (-1%).
• Energy sector (-1.34%) — Oil and gas heavyweights Woodside (-1.33%), Santos (-0.93%), Ampol (-3.37%), and Viva Energy (-2.58%) all declined. However, large coal companies Yancoal (+0.98%) and Whitehaven (+0.19%) made it into the green.
• Materials (+0.65) – The only sector that finished in the green, even as iron ore majors BHP (-0.052%), Rio Tinto (-0.57%), and Fortescue (-1.49%) took hits.
• Gold miners — Demand for the safe-haven metal rose in light of US deficit fears, lifting the shares of ASX-listed gold miners, which made up eight of the top 10 performers. They were led by Genesis Minerals (+5.78%), Northern Star Resources (+5.36%), and Spartan Resources (+5.29%).
• Lynas Rare Earths (+6.97%) — The rare earths producer was the biggest gainer on the ASX 200 today.
• Nufarm (-6.41%) — Shares in the agricultural chemicals supplier continued to slide after reporting a 39.5% fall in statutory profit over the six months to 31 March on Wednesday.