ASX slumps with all sectors in red
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The news: The Australian sharemarket had its worst day since the tech selloff on 5 August, tracking broad losses on Wall Street along with Nvidia slumping 10% as investors pull back interest in artificial intelligence.
The numbers: The benchmark ASX 200 tumbled 1.88% to end at 7,950.5, with all 11 sectors finishing in red.
The worst performing sector was materials, down 3.03%, followed by energy, (-2.99%).
Fortescue (-8.36%) dragged the materials sector as it traded ex-dividend while investors digested concerns over fading iron ore demand in China.
Gold stocks also dragged the materials sector as prices steadied. Investors are bracing for US payroll data that could influence the size of a likely interest rate cut later this month.
De Grey Mining, down 7.88%, was one of the worst performers across the ASX 200 while Gold Road Resources (-6.77%), Westgold Resources (-5.97%) and Red 5 (-3.28%) were among the hardest hit.
Liontown fell 6.54% despite announcing that its first shipment of spodumene from its Kathleen Valley project was on track. Lithium prices have continued to tumble and are expected to stay lower due to an oversupply.
Oil prices fell to its lowest levels since December 2023 as signs of a deal to resolve a dispute that has halted Libyan crude production and exports. Karoon Energy (-6.47%), Beach Energy (-4.53%), Santos (-2.48%), Woodside Energy (-2.22%) and Ampol (-1.86%) all fell.
Santos also announced that it had signed a mid-term liquified natural gas supply contract with Glencore Singapore.
Boss Energy fell 5.19%, in line with declines in the uranium sector, despite announcing that ramp up on its Honeymoon project was on track.
Elsewhere, Cettire shares plunged 12.66% after its CEO and founder Dean Mintz bought up $15.8 million worth of shares to increase his stake to 33%.
The best performing sector was industrials, down 0.64%, followed by healthcare (-1.02%).
Orora shares surged 8.4% after it announced a deal to divest its North American packaging solutions business for $1.78 billion.
The Australian dollar is buying 67 US cents.
The context: Overnight will see the latest US job openings data released.
Thursday will see Reserve Bank Governor Michele Bullock address the Anika Foundation.
