The materials sector suffers its worst, one-day fall in almost two years as the price of iron ore fell sharply on China growth worries.
Mining shares suffered one of their worst days since the pandemic began on Tuesday, tracking a decline in commodity prices and weighing on the broader market as investors digest the prospect of slowing Chinese growth.P/ASX 200 closed the day 2.1 per cent lower after trimming 155.3 points from the benchmark to close at 7318 points, its fourth-worst session of the year and the biggest one-day decline since late January.
Mining shares accounted for all but two of the top 10 biggest losers in the session, with the top spot going to tech group EML Payments, which cratered 38.6 per cent to $1.67 The decline for the fintech reflected aMineral Resources fell 9.9 per cent to $54.67, Sims dropped 9.5 per cent to $20.21, and Champion Iron tumbled 9.2 per cent to $6.79, reflecting the pressure facing the materials sector.
The session offered investors a chance to readjust portfolios following a steep sell-off in global markets on Monday, when Australian bourses were closed for Anzac day. Monday marked the biggest sell-off for Chinese blue chips since February 2020, pushing the benchmark to a two-year low.
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