Bargain buyers beware 😰

Splat! Losses mounted as the session progressed, sending Australia’s benchmark index to the lowest close since late January. Every sector finished deep in the red, almost requiring this scribe to wear sunglasses to peruse the market map. It was glowing, and not in a good way. Tech was taken the woodshed and chopped up, plunging 8.7%. And you thought the Nasdaq unwind was big. Square was smashed, losing 18%. Altium tanked 17%. Xero’s half-year was treated like a zero, sliding 10.9% to fresh two-year lows. Orica was one of the few winners, topping the leader board with a gain of 4.6% after releasing its first half results. Ampol and Viva Energy were supported by the latter’s positive update. The broader index slumped 123.7 points, or 1.75%, to close at 6941. It’s fallen 9% over the past 15 sessions. 

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