Negative sentiment continues to dominate the stock market this morning with the S&P / ASX 200 slipping below 7000 for the first time in three weeks. The drop so far is 2%, the worst drop since a 2.3% drop on December 3, 2019.
The ASX hit new highs of 7197.2 points on Thursday last week.
The Nikkei is closed today for the Emperor’s birthday, but South Korea’s KOSPI is down 2.6 percent. Trading will open on the Hang Seng and Shanghai markets at approximately 12.15 of our time.
The drop in Reliance Worldwide extended to a 27.7 percent drop to $ 3.36, the lowest price in six months.
But the points are taken away by the falls in the blue chip stocks. For example, CSL fell 2.3% to $ 328.68, BHP fell 2.2% to $ 37.36, Commonwealth Bank fell 1.5% to $ 87.50 and Wesfarmers fell by nearly 4%, or $ 1.83, to $ 44.20. The Wesfarmers went ex-dividend today of 75 ¢.
The most points are added by Newcrest Mining, which rose 4.3% or from $ 1.24 to $ 29.97.