The first trading session of the week saw investors sell down stakes in iron ore miners with the bottom movers featuring many of the big names.
The S&P/ASX 200 closed down 28.90 points, or 0.35%, at 8,266.20 points, with Champion Iron (ASX:CIA) leading the laggards on a nearly 10% drop to $5.64.
Seven of the 11 sectors ended higher despite the S&P/ASX 200 decline, led by the information technology sector which advanced 1.39%. However, materials and energy closed the trading session in the red with declines of 2.80% and 0.67%, respectively.
Over the last five days, the S&P/ASX 200 has gained 1.82% and is currently 1.41% off its 52-week high.
Iron ore miners were on the outs thanks to China failing to buoy the market with its latest round of stimulus measures.
Following Champion Iron down was Fortescue (ASX:FMG) with a 7.32% retreat to $18.12. BHP (ASX:BHP) knocked off 4.08% to close the day at $41.63, while Mineral Resources (ASX:MIN) lost a further 3.95% at $36.95.
The gold miners were the outliers, with Genesis Minerals (ASX:GMD) advancing 4.02% to $2.33 and Capricorn Metals (ASX:CMM) gaining 2.90% to $6.41.
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
