ASX tumbles 1.8%: Iron ore prices fall

Market Reports

by Peter Milios

The Australian sharemarket experienced its most significant sell-off in over a year, with the S&P/ASX 200 Index tumbling 1.8% from a record high, led by declines in the materials and energy sectors alongside profit-taking in banks. Weakness in iron ore prices contributed to losses in material stocks like BHP, Fortescue Metals, and Rio Tinto, while energy stocks retreated amid concerns over oil demand, reflected in declines for Woodside Energy and Santos. Looking ahead, investors await the US inflation report to gauge potential Federal Reserve actions, while company news saw TASK's shares surge following an acquisition agreement with PAR Technology, and Regional Express rise after announcing a code-sharing partnership with Etihad Airways.

Futures

The Dow Jones futures are pointing to a fall of 70 points.

The S&P 500 futures are pointing to a fall of 11 points.

The Nasdaq futures are pointing to a fall of 62.5 points.

The SPI futures are down 147 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Information Technology, down 0.33 per cent. The worst-performing sector was Materials, down 2.56 per cent.

The best-performing large cap was EBOS Group (ASX:EBO), closing 2.32 per cent higher at $34.90. It was followed by shares in Newmont Corporation (ASX:NEM) and Auckland International Airport (ASX:AIA).

The worst-performing large cap was Meridian Energy (ASX:MEZ), closing 8.54 per cent lower at $5.46. It was followed by shares in Northern Star Resources (ASX:NST) and ResMed (ASX:RMD).

Asian markets

Japan's Nikkei has lost 2.83 per cent.

Hong Kong's Hang Seng has gained 1.37 per cent.

China's Shanghai Composite has lost 1.16 per cent.

Commodities and the dollar

Gold is trading at US$2,187.70 an ounce.

Light crude is trading $0.58 lower at US$77.43 a barrel.

One Australian dollar is buying 66.12 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.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?