AU Evening Wrap: ASX Hits 2023 Low as Rate-Rise Expectations Grow; Azure Rallies 43%

$S&P/ASX 200(.XJO.AU)$ closed 0.6% lower at 6812.3, falling to a fresh 12-month low amid growing expectations of further interest-rate rises. The benchmark index spent all day in the red after a weak lead from U.S. equities.

Tech was the worst-performing of the ASX 200's 11 sectors, as $WiseTech Global Ltd(WTC.AU)$, $Xero Ltd(XRO.AU)$ and $Nextdc Ltd(NXT.AU)$ lost between 1.9% and 2.5%. $Megaport Ltd(MP1.AU)$ tumbled 16% after reporting weaker-than-expected 1Q customer growth.

Real-estate companies $Stockland Corp Ltd(SGP.AU)$, $Goodman Group(GMG.AU)$ and $Mirvac Group(MGR.AU)$ shed between 2.5% and 3.3%.

Banks $ANZ Group Holdings Ltd(ANZ.AU)$, $CommBank(CBA.AU)$, $National Australia Bank Ltd(NAB.AU)$ and $Westpac Banking Corp(WBC.AU)$ finished between 0.2% and 1.1% lower. With three trading sessions remaining, the ASX 200 is down 3.35% in October and could surpass September's 3.5% decline to notch its worst month since September 2022.

$Pilbara Minerals Ltd(PLS.AU)$ fell 0.5 % after its revenue came in 42% lower than in the previous quarter, at $493.1 million.

$Azure Minerals Ltd(AZS.AU)$ rallied 43% to $3.49 after it agreed to a $1.63 billion buyout from Chilean giant Sociedad Química y Minera as a deal fever sweeps through the Australian lithium sector.