Iron ore price slump causes ASX to sag 0.4%

Australia’s S&P/ASX 200 share index dropped 0.4% today to 6631.30 off the back of a lagging iron ore price which fell roughly 3.5%. 

It comes with no surprise that the miners were hit with BHP falling 2.25% and Rio Tinto (RIO) down 1.33%. The banks also played a factor in dragging down the index with Commonwealth Bank (CBA) and ANZ down around 1%.

Conversely, CSL bounced back from a red day yesterday gaining 1.17%.

Gainers and Losers

The biggest gainers on Tuesday were:

  • Reliance Worldwide +4%
  • Shopping Centres Australasia +3.1%
  • Xero +2.5%
  • Collins Foods +2.4% 
  • SkyCity Entertainment +2.3%

The biggest declines were:

  • Mesoblast -15.2%
  • Altium -6.8%
  • Mineral Resources -6.8%
  • Whitehaven Coal -5.9%
  • Westgold Resources -5.6%

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This article does not take into account the investment objectives, financial situation or needs of a particular person or entity. Before acting on any investment strategy or advice you should first consult with your current ASIC accredited investment professional or seek out a compliant investment professional for such.