Australian shares sank 1.8 per cent on Monday, in their worst loss in a year. The benchmark S&P/ASX200 (INDEXASX: XJO) surrendered 142.8 points, to 7,704.2, while the broader All Ordinaries (INDEXASX: XAO) fell 143.9 points, also 1.8 per cent, to 7,963.6.
All 11 of the ASX’s sectoral sub-indices finished lower, with mining the worst loser, down 2.6 per cent on a weaker iron ore price.
Only 23 of the 200 stocks in the S&P/ASX 200 index managed a gain, while another 11 closed unchanged on the day.
The big miners led the market lower, with BHP Group Ltd (ASX: BHP) losing $1.13, or 2.6 per cent, to $42.82; Fortescue Ltd (ASX: FMG) dropping 92 cents, or 3.5 per cent, to $25.04; and Rio Tinto Ltd (ASX: RIO) giving up $4.30, or 3.6 per cent, to $115.59.
The Big Four banks were also lead in the market’s saddlebags, with Westpac Banking Corp (ASX: WBC) receding 88 cents, or 3.2 per cent, to $26.82; National Australia Bank Ltd (ASX: NAB) sliding $1.08, or 3.1 per cent, to $34.03; ANZ Group Holdings Ltd (ASX: ANZ) down 57 cents, or 1.9 per cent, to $29.24; and Commonwealth Bank of Australia (ASX: CBA) losing $3.32, or 2.7 per cent, to $118.13.
Small Kiwi up to the Task
Amid a sea of red, small-caps TASK Group Holdings Limited (ASX: TSK) made a mockery of the prevailing gloom, soaring 36 cents, or 90 per cent, to 76 cents after the New Zealand-based hospitality tech company agreed to be acquired by New York Stock Exchange-based PAR Technology Corp (NYSE: PAR) for $310 million, or 81 cents a share. Task Group makes customer loyalty apps for quick-serve restaurants, with Australian customers including Starbucks, Guzman Y Gomez, Retail Food Group and Accor and CommBank stadiums.
Elsewhere on the industrial side, biotech heavyweight CSL Ltd (ASX: CSL) softened $4.27, or 1.5 per cent, to $281.20, while Telstra Group Ltd (ASX: TLS) eased 2 cents, or 0.5 per cent, to $3.81.
In energy, Woodside Energy Group Ltd (ASX: WDS) lost 77 cents, or 2.6 per cent, to $29.44; Santos Ltd (ASX: STO) eased 23 cents, or 1.8 per cent, to $7.15; Beach Energy Ltd (ASX: BPT) walked back 4 cents, or 2.3 per cent, to $1.68; Brazilian-based producer Karoon Energy Ltd (ASX: KAR) lost 7 cents, or 3.5 per cent, to $1.905; and gas player Strike Energy Ltd (ASX: STX) had a day to forget, losing 1.5 cents, or 6.7 per cent, to 21 cents.
In coal, Whitehaven Coal Ltd (ASX: WHC) was one of the rare risers, appreciating 2 cents to $7.04; Stanmore Resources Ltd (ASX: SMR) lost 11 cents, or 3.1 per cent, to $3.39; Coronado Global Resources Inc (ASX: CRN) retreated 8 cents, or 5.9 per cent; and Yancoal Australia Ltd (ASX: YAL) weakened 13 cents, or 2.1 per cent, to $6.01.
In gold, Bellevue Gold Ltd (ASX: BGL) was down 10 cents, or 6.4 per cent, to $1.455; Capricorn Metals Ltd (ASX: CMM) lost 21 cents, or 4 per cent, to $5.00; Northern Star Resources Ltd (ASX: NST) gave up 58 cents, or 4 per cent, to $13.85; Gold Road Resources Ltd (ASX: GOR) eased 6 cents, or 3.7 per cent, to $1.555; De Grey Mining Limited (ASX: DEG) gave up 4 cents, or 3.1 per cent, to $1.265; Ramelius Resources Ltd (ASX: RMS) slid 6 cents, or 3.9 per cent, to $1.50; and Evolution Mining Ltd (ASX: EVN) fell 11 cents, or 3.3 per cent, to $3.22. But Newmont Corporation CDI (ASX: NEM) did not get the memo, adding 32 cents, or 0.6 per cent, to $51.12.
In lithium, producer Arcadium Lithium CDI (ASX: LTM) slipped 35 cents, or 4.6 per cent, to $7.26; fellow producer Pilbara Minerals Ltd (ASX: PLS) eased 2 cents, or 0.5 per cent, to $4.00; Mineral Resources Ltd (ASX: MIN), which mines iron ore and lithium, retreated $1.60, or 2.4 per cent, to $59.95; and IGO Ltd (ASX: IGO), which produces nickel as well as lithium, sank 26 cents, or 3.3 per cent, to $7.56.
Copper miner Sandfire Resources Ltd (ASX: SFR) retreated 29 cents, or 3.7 per cent, to $7.60, while rare earths producer Lynas Rare Earths Ltd (ASX: LYC) walked back 21 cents, or 3.5 per cent, to $5.80.
Dow Jones holds the fort
In the US, stocks fell for a second straight session as a technology-fuelled rally ran out of puff. The benchmark S&P 500 (INDEXSP: .INX) index retreated 5.75 points, to 5,117.94; and the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) index gave up 65.84 points, or 0.4 per cent, to finish the day at 16,019.27; but the 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) managed a rise of 46.97 points, or 0.1 per cent, to 38,769.66.
On the bond market, the US 10-year yield firmed 2.2 basis points, to 4.102 per cent, while the 2-year yield advanced 7.9 basis points, to 4.561 per cent.
Gold advanced 41 US cents, to US$2,182.73 an ounce. The global benchmark Brent crude oil grade rose 13 US cents, or 0.2 per cent, to US$82.21 a barrel, while West Texas Intermediate oil advanced 12 US cents, also 0.2 per cent, to US$78.05 a barrel.
The Australian dollar is buying 66.13 US cents this morning, down from 66.15 cents at the ASX close on Monday.
