Australian market weighed down by energy and mining losses
Last updated: 4:50pm AEST
The ASX closed lower on Monday, after being pulled down by heavy losses across the Energy and Materials Sectors.
The S&P/ASX200 closed sharply lower, dropping 105.30 points or 1.60% for the day, to 6,469.40 and setting a new 50-day low.
The broader All Ordinaries index closed well down, dropping 121.20 points or 1.79% to 6,667.50.
Sectors ended the day mixed, with 6 of 11 sectors lower.
Energy and Materials were the biggest losers, falling more than 6% and 5% respectively.
Beach Energy shares tumbled, ending the day almost 7% down, while Woodside shares finished almost 5% lower.
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The ASX remained in negative territory in afternoon trading, but eased back from morning losses.
The S&P/ASX200 was down 82.70 points or 1.26% for the day, to 6,492.00.
The broader All Ordinaries was down 98.10 points or 1.45% to 6,690.60.
Across the market, 7 of 11 sectors were lower, with Energy remaining the worst performing sector, falling more than 5.7% for the day.
The energy sell-off was reflected in Woodside Petroleum’s (WDS), share price, which fell more than 5%.
Bucking the market trend, was Altium (ASX:ALU). The electronics design software provider, saw its shares surge more than 4% in afternoon trading.
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Australian shares have started the week plunging around 2%.
The S&P/ASX200 was sharply lower, dropping 121.40 points or 1.85% to 6,453.30 and setting a new 20-day low.
The broader All Ordinaries Index was down 137.50 points or 2.03% to 6,651.20.
Across the market, sectors were mixed, with 9 of 11 sectors are lower.
The Energy Sector was the worst performer, down more than 5%.
The ASX is set to tumble when the market opens this morning, as recession fears across the globe mount.
ASX futures were down 82 points by 1.25%, to 6478 approaching 6:30am AEST.
It follows on from heavy local losses on Friday, which erased $AU43 billion off the ASX, pushing the S&P/ASX 200 down 2.5 per cent for the week.
It was a similar story across U.S. markets, with the S&P 500 losing nearly 5% last week, while the Dow Jones Industrial Average closed at a new low for 2022.
Those losses followed the U.S Federal Reserve’s decision to raise interest rates by another 75 basis-points on Wednesday, to help combat rising inflationary pressures.
Ahead of Monday’s local market opening, the Australian dollar was around 0.10% lower, sitting at $US65.11c.
Brent Crude was down around 4%, at around US$86 a barrel.
Gold was down slightly by about 1.6%, at around $US1643 an ounce.
Iron ore was up around 0.50%, to sit at about US$101 a tonne.
Meanwhile, Bitcoin (BTC) was up by around 0.50%, to about US$18,932.