The Australian Securities Exchange (ASX) resumed its free fall on Wednesday (9 April) as trade deals between the US and its major trading partners failed to eventuate and President Donald Trump’s tariffs took effect.
The previously announced tariffs were locked down at 2.01pm (AEST) today and included an additional 50% tax on China, which takes total tariffs applying to Chinese goods entering the US to 104%.
The S&P/ASX 200 crashed a further 135 points, or 1.8%, to 7,375 points by the end of trade.
The index has tumbled 7.05% over the past five days and is down 5.74% over the past year.
Ten of the 11 sectors remained in the red by the closing bell. Energy wiped off 4.14%, materials tumbled 3.71% and industrials slumped 1.66%. Utilities was the best performing sector, but is still down 5.92% over the past five days.
Miners bore the brunt of the selloff, with Champion Iron (ASX:CIA) retreating 14.16% to $3.94,Nickel Industries (ASX:NIC) falling 14.14% to $0.43, Mineral Resources (ASX:MIN) further extending its losses by 12.09% to close at $14.40, Alcoa (ASX:AAI) sliding 10.88% to $36.85 and Iluka Resources (ASX:ILU) ending the session down 10.03% at $3.14.
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 & Unsplash
