The S&P/ASX 200 tumbled 1.6 per cent in the biggest daily retreat since February, after the US Federal Reserve indicated a more aggressive stance on rate increases and spooked investor sentiment. The index ended the four-day week 0.7 per cent lower, in a sharp turnaround after flirting with record highs.
Health care was the only sector out of 11 to show gains, led by CSL, up 1.4 per cent to $270.86 and Ramsay, 1.7 per cent higher to $84.37.
Ramsay is the target of an unsolicited $20 billion indicative offer from a KKR & Co-led consortium. If successful, the takeover would rank as the biggest private equity-backed buyout of an Australian company.
Materials sector was the biggest laggard with a 3.3 per cent loss, followed by tech and energy stocks.
Data centre connectivity group Megaport was the worst index performer. Its shares hit a two-year trough of $8.57 and closed the session 9.7 per cent lower at $9.04. It posted a record weekly loss of 28.3 per cent. Square was among the index’s biggest losers, down 6.5 per cent to $146.
The major banks and mining companies came under heavy pressure. BHP Group tumbled 4.4 per cent to $4849, Rio Tinto dropped 2.4 per cent to $113.6 and Fortescue retreated 1.2 per cent to $21.22.
JB Hi-Fi and Transurban were among the few outperformers, up 1.1 per cent and 0.2 per cent respectively.