ASX Opens Down 0.8pc, Atlas Arteria Tumbles

Australian Financial Review2022-09-16

Australian shares took direction from weakness in New York as investors continue to position for higher for longer interest rates, and the prospect of further significantly slower growth.

The S&P/ASX 200 opened down 0.8 per cent to 6,794.3 on Friday. All but one of the 11 sectors fell, led by energy, materials and industrials. Only financials traded higher, gaining 0.3 per cent.

Shares in Atlas Arteria fell 16 per cent after the tollroads group completed the institutional component of its entitlement offer, used to fund the acquisition of a 66.67 per cent majority interest in Skyway Concession.

On Wall Street, shares ended lower after a choppy session. The Nasdaq was the worst performer as tech shares slid anew. Energy and utilities paced nine of the 11 S&P 500 industry sectors lower; health care and financials ended higher.

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