The ASX lost momentum on Monday (11 November) after China fell short on stimulus expectations, which saw iron ore prices drop and investors retreat from miners.
The S&P/ASX 200 slid 21.90 points, or 0.26%, to 8,273.20 points at 10.32am AEDT. Seven of the 11 sectors started the week in the red, led by materials with a 1.68% drop.
Over the last five days, the index has gained 1.90% and is currently 1.33% off its 52-week high.
Meanwhile, iron ore retreated 1.33% to US$103.82 ($157.75). The price is now down 7.6% since July 2024.
Champion Iron (ASX:CIA) lost 6.4% to $5.85, while Fortescue (ASX:FMG) slid 4.50% to $18.67. Rare earths miner Iluka Resources (ASX:ILU) also lost ground, edging back 3.43% to $5.63.
The S&P/ASX 200 Volatility Index (A-VIX) climbed 3% to 11.51 points. The index has lost 13.53% for the last five days, but has gained 2.49% over the last year to date.
Also known as the ‘fear’ index, the A-VIX is a real-time volatility index that provides an insight into investor sentiment and expected levels of market volatility.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Stock
