The ASX200 has been down 1.33% at 8,307 points.

The market opened lower on Thursday and continued to drag after the Federal Reserve indicated it would take a cautious approach to future rate cuts – and a selloff in major Australian banks continues to be a trend for the week.

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Also weighing on the market was a report on jobs data from the ABS which showed 44,000 people found work in January, but the unemployment rate rose to 4.1% for January, compared to 4% the previous month.

Telecommunications has been the strongest performing sector today, up 1.91%, followed by Energy, up 1.02%, and Industrials, up 0.43%.

Real Estate has been today’s worst performer, down 2.93%, followed by Materials, down 2.25%, and Financial, 2.16% lower.

Megaport Ltd (ASX:MP1) has been nearly 19% higher after reporting its annual recurring revenue had grown 18% during the first half of the 2025 fiscal year.

The company – which provides Network as a Service solutions, last traded at $11.35.

Whitehaven Coal (ASX:WHC) has been 5.5% higher, also on half-year results, which showed its underlying earnings – or EBITDA – rose to $960M compared to $632M during the first half of fiscal year 2024.

Whitehaven has been $5.58/share.

And Fortescue (ASX:FMG) was in the red, falling 7.3% after reporting its profit had fallen by half in the first half of fiscal year 2025, prompting a selloff.

Fortescue has been trading at $18.03 today.

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