ASX closes 0.67% lower driven by sell-off in tech

Market Reports

by Peter Milios

On Monday, a widespread sell-off, primarily driven by the technology sector, dragged down the overall share market.

At the closing bell, the S&P/ASX 200 was 0.67 per cent lower at 7,230.40.

The ASX tech sector experienced its worst single-day performance of the month, plummeting by 2.7%. In fact, all 11 ASX sectors ended the day with losses.

Futures

The Dow Jones futures are pointing to a rise of 44 points.

The S&P 500 futures are pointing to a rise of 6.25 points.

The Nasdaq futures are pointing to a rise of 17.25 points.

The SPI futures are down 56 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Utilities, down 0.08 per cent. The worst-performing sector was Information Technology, down 2.65 per cent.

The best-performing large cap was Meridian Energy (ASX:MEZ), closing 3.94 per cent higher at $5.01. It was followed by shares in Mercury NZ (ASX:MCY) and ASX (ASX:ASX).

The worst-performing large cap was Washington H. Soul Pattinson and Company (ASX:SOL), closing 5.30 per cent lower at $33.92. It was followed by shares in Xero (ASX:XRO) and BlueScope Steel (ASX:BSL).

Asian markets

Japan's Nikkei has gained 1.10 per cent.

Hong Kong's Hang Seng has lost -1.00 per cent.

China's Shanghai Composite has gained -0.03 per cent.

Company news

Sunstone Metals (ASX:STM) announced that further high-grade gold-silver assays from their Limon project have been identified. These results continue to show the presence of structurally controlled high-grade gold-silver mineralisation extending from surface to a greater than 300m depth. In response, Managing Director Malcolm Norris, “the higher-grade central shoot is being defined with increasing confidence and is open in all directions along significant structures.” Shares closed flat at 1.9 cents

Wildcat Resources (ASX:WC8) announced that the Company’s maiden drilling at Tabba Tabba, in WA, has confirmed high-grade lithium mineralisation from surface in northern and central pegmatite clusters. In response, Managing Director Samuel Ekins said: “over 95% of all holes to date have intersected pegmatites and we eagerly await further rounds of assays.” Shares closed 79.1 per cent higher at 43 cents.

Bubalus Resources (ASX:BUS) has acquired tenements prospective for lithium mineralisation in the Gascoyne Region of Western Australia. The surface sampling programme will commence in late September to define targets for drill testing. Shares closed 72.4 per cent higher at 25 cents.

Commodities and the dollar

Gold is trading at US$1,950.20 an ounce.

Iron ore is 1.3 per cent higher at US$125.60 a tonne.

Iron ore futures are pointing to a 0.2 per cent fall.

Light crude is trading $0.86 higher at US$91.63 a barrel.

One Australian dollar is buying 64.46 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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