Shares in gold development company Citigold Corporation (ASX:CTO) and diversified critical minerals explorer and developer Cygnus Metals (ASX:CY5) sharply dropped on the S&P/ASX 200 index today, which decreased by 0.29% to 8,767.7 points.
Citigold’s stock price decreased by 13.64% to $0.019, while Cygnus was down by 8% to $0.115 per unit in the first hour of the Australian Securities Exchange opening for trade.
Iceni Gold (ASX:ICL) dwindled by 6.67% to $0.028 per share while Great Boulder Resources (ASX:GBR) also reduced by 4.76% to $0.10 per unit.
The index declined for the sixth day after three days of gains. On April 14 the index rose by 0.34% to 8,930 points. On April 15 the index grew by 0.15% to 8,984.5 points. On April 16 the index increased by 0.15% to 8,984.5 points. On April 17 the index dropped by 0.29% to 8,928.7 points. On April 20 the index dwindled by 0.29% to 8,928.7 points. On April 21 the index shrank by 0.45% to 8,913.1 points. On April 22 the index fell by 0.45% to 8,913.1 points. On April 23 the index decreased by 0.44% to 8,804.4 points.
“The index has lost 2% for the last five days but is virtually unchanged year to date,” the ASX markets website says.
As Mining.com.au previously reported, the index reported a third year of “positive returns” during 2025 despite “some concerns about the state of the world”.
“Big option trades using longer-dated contracts we found in January appear to be looking for continuation of this upward trend in 2026,” the ASX says.
Analysts expect share markets to have a positive outlook despite short-term pain.
“Markets, at least the equity market, seem [to be] pretty optimistic that the [Iran] ceasefire is going to hold, maybe it will be extended in that there might eventually be a peace deal,” Capital.com Senior Market Analyst Kyle Rodda tells the Australian Associated Press.
“It could certainly be a sign of complacency again in the market potentially mispricing the risk [but] that is the side of things that the traders are on,” he adds, according to the newswire agency.
Write to Richard Szabo at Mining.com.au
Images: Australian Securities Exchange via Facebook
