S&P/ASX 200 (INDEXASX:XJO) fell 1.96% to 6700 points by 2.04 pm following a sharp decline on Wall Street overnight as investors panicked on rising longer-term US Treasury yields.
The benchmark index is on track for its worst daily decline of the year so far.
10-year US treasury note briefly crossed the 1.6% level on Thursday, its highest level in more than a year.
Locally, all sectors were lower by at least 1% with technology the worst performer, falling 5%.
Harvey Norman (ASX:HVN) doubled its net profit to $462 million on a 25% rise in total sales to $5.1 billion as sales for furniture and electricals remained strong during the pandemic.
Infant formula maker Bubs (ASX:BUB) shares have lifted 3.6% after goat milk formula sales to China rose 36% while Australian retail sales also saw strong gains.
Today’s top gainers on the ASX include Australian Vanadium Ltd (ASX:AVL) (+4.76%), Danakali Ltd (ASX:DNK) (+3.70%), Great Boulder Resources Ltd (ASX:GBR) (+6.67%), Maximus Resources Limited (ASX:MXR) (+3.45%), West Wits Mining Limited (ASX:WWI) (+4.23%) and Piedmont Lithium Ltd (ASX:PLL) (+6.41%).
Proactive news headlines:
Red River Resources moves into the black as half year revenues double, boosted by increased sales and favourable metal prices
Red River Resources Ltd (ASX:RVR) (FRA:R1R) recorded a 107.8% rise in revenue from continuing operations in the six months to December 31, 2020, boosted by the increased sales of copper, zinc and lead concentrates and more favourable metal prices.
European Lithium begins resource extension drilling at Wolfsberg Lithium Project in heart of Europe
European Lithium Ltd’s (ASX:EUR) (FRA:PF8) (VSE:ELI) drilling contractors have mobilised drilling equipment to site and started a resource extension drilling program this week at Wolfsberg Lithium Project in Austria.
Calima Energy to transform into high margin oil & gas producer through merger with Blackspur Oil Corp
Calima Energy Ltd (ASX:CE1) (OTCMKTS:RLTOF) (FRA:R1Y) has entered into a binding agreement to acquire 100% of the issued share capital of Blackspur Oil Corp, a privately held Canadian company with producing oil and natural gas assets in two core areas within Alberta - at Brooks and Thorsby.
Arrow Minerals in "transformative" agreement with Trevali Mining for exploration rights in Burkino Faso
Arrow Minerals Ltd (ASX:AMD) has signed a binding term sheet that sets out terms for an exploration joint venture with Trevali Mining Corp (TSE:TV) (OTCMKTS:TREVF) wherein both parties receive reciprocal exploration rights to their exploration permits in a highly prospective gold belt in Burkina Faso, West Africa.
FYI Resources anticipates 'progressive' six months ahead
FYI Resources Ltd (ASX:FYI) (FRA:SDL) is positioning itself to be a large producer of 4N and 5N high-purity alumina (HPA) in the rapidly developing high-tech product markets and anticipates an active and progressive six months.