The Australian sharemarket took further casualties as iron ore prices continued to weigh heavy on the Index on Monday as iron ore dropped -5.4% to $US100.80, and futures hit a 14-month low of $US99.70 on Friday.
At the closing bell, the benchmark S&P/ASX 200 index fell -155.5 points, or -2.10% to 7,248.2, while the All Ordinaries lost -165.0 points, or -2.14%, to 7,537.9.
Ten out of eleven sectors ended in negative territory, with Materials plummeting -3.74%, and Energy dropped -4.16%.
Titans, BHP Group, fell -4.16% and settled at $37.53, while Rio Tinto lost -3.6% to $95.24 and Fortescue Metals Group dropped -3.73% to settle at $14.70.
Gold stocks were negative, with Newcrest Mining falling -1.81% to $23.35, Northern Star Resources lost -1.19% to $9.16, and Evolution Mining fell -2.11% to $3.71.
The Financial sector was weaker, with only Westpac Banking Corp leading the “Fab Four” (banks) lower after falling -2.24% to $25.30, while Australia and New Zealand Banking Group lost -2.02%, to $27.14, with Commonwealth Bank ended down -2.01% to $100.81, National Australia Bank tumbled -2.02%, to $27.14, and Macquarie Group dropped -3.6% and settled at $173.69.
Buy-now-pay-later giant Afterpay lost -2.17%, to $125.60, Accounting software provider Xero fell -4.53%, to $146.40, Altium lost -2.04%, to $35.54, EML declined -3.65%, to $3.70, Zip Co rose +6.73%, to $6.38 and WiseTech Global dropped -2.75%, to $51.33.
The Health Care was ended weaker, as Biotechnology giant CSL falling -0.63%, to $307.41, while ResMed dropped -2.63%, to $38.50, Fisher & Paykel Healthcare lost -0.35%, to $31.39, Cochlear tumbled -1.43%, to $234.87.
As for our oil and gas producers, a rising US dollar helped pushed oil prices lower, which weighed on the energy sector as Woodside Petroleum lost -2.51% to $20.58, Oil Search lost -3.13% to $3.72, Santos dropped -3.32% to $6.12, and Worley tumbled -3.13%, to $9.28.
Power grid owner AusNet surged +19.2% to $2.36 after receiving a $9.6 billion takeover offer from Canadian giant Brookfield.
The $2.50 per share cash offer is the third Brookfield has proposed since late August and represents a 26% premium to AusNet’s closing price on Friday.
Supermarket giants Coles and Woolworths were mixed, with Coles climbing +0.18% to $16.94, while its rival Woolworths lost -0.46% to $39.21, and Endeavour rose +2.17%, to $6.58.
E-commerce group Kogan lost -4.73% and settled at $9.46, Seek fell -3.36% to $29.59, and AMP shares fell -4.55% to $0.945.
Transurban shares were halted before the market opening before confirming reports by news sources that it secured the remaining 49% stake in Sydney’s newest motorway, WestConnex, from the NSW government for $11.1 billion.
Travel stocks were mixed, with Sydney Airport lost -1.45% to $8.18, Corporate Travel Management lost -2.62%, $20.80, Flight Centre lost -2.5% to $17.97, Webjet slid -2.03% to $5.80, and Qantas ended down -2.71%, to $5.38.
Our local currency, the Australian dollar, is currently buying US$0.7226 (as of writing).