South32 (ASX:S32) was sold down today following news that escalating civil unrest in Mozambique is impacting the transport of raw materials from Mozal Aluminium.
The diversified miner closed down 4.35% at $3.51, with 24.5 million shares changing hands over the course of the session.
South32 said in an announcement released after market close on Tuesday that it had implemented contingency plans to mitigate operational impacts and was working with relevant stakeholders.
“We are withdrawing production guidance for Mozal Aluminium as we respond to the evolving situation,” South32 told the market.
The S&P/ASX 200 was also in the red, sliding 39.4 points, or 0.47%, to 8,353.6 points by the closing bell.
The index has lost 1.29% over the last five days, and sits 1.89% below its 52-week high.
Materials reversed its earlier gains to close down 0.49%, industrials dipped 1.05% and energy retreated 0.99%.
Champion Iron (ASX:CIA) ended the day 3.17% lower at $6.11. Coal producer Coronado Global Resources (ASX:CRN) bucked the broader market pull to advance 4.22% to $0.87.
The S&P/ASX 200 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: South32
