ASX closes 1.1% lower to hit a four-week low

By Peter Milios | More Articles by Peter Milios

On Tuesday, the Australian sharemarket experienced a significant decline, reaching a four-week low, as risk-off sentiment swept across all sectors, resulting in the S&P/ASX 200 dropping 1.1% to 7414.8 points, its lowest level since mid-December, mirroring the decline in the All Ordinaries index. This decline was influenced by a preceding weakness in European markets due to European Central Bank official Robert Holzmann's cautious stance on potential rate cuts, while US markets were closed for a national holiday on Monday.


The Dow Jones futures are pointing to a fall of 117 points.

The S&P 500 futures are pointing to a fall of 16 points.

The Nasdaq futures are pointing to a fall of 74.75 points.

The SPI futures are down 87 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Communication Services, down 0.54 per cent. The worst-performing sector was Utilities, down 1.76 per cent.

The best-performing large cap was Meridian Energy (ASX:MEZ), closing 1.35 per cent higher at $5.25. It was followed by shares in Pilbara Minerals (ASX:PLS) and Brambles (ASX:BXB).

The worst-performing large cap was South32 (ASX:S32), closing 4.21 per cent lower at $3.41. It was followed by shares in Seven Group Holdings (ASX:SVW) and Evolution Mining (ASX:EVN).

Asian markets

Japan's Nikkei has lost -0.68 per cent.

Hong Kong's Hang Seng has lost -1.79 per cent.

China's Shanghai Composite has lost 0.54 per cent.

Commodities and the dollar

Gold is trading at US$2,052.50 an ounce.

Iron ore is 1.7 per cent lower at US$128.95 a tonne.

Iron ore futures are pointing to a 1.5 per cent fall.

Light crude is trading $-0.19 lower at US$72.49 a barrel.

One Australian dollar is buying 66.13 US cents.

About 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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