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FIVE at FIVE AU: ASX drops to four week low before late recovery

Published 31/10/2024, 04:09 pm
© Reuters.  FIVE at FIVE AU: ASX drops to four week low before late recovery
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The benchmark ASX200 index dropped to a four-week low early this afternoon before staging a recovery to end the day just 0.25% lower at 8,160 points.

Since hitting a record high of 8,183.4 points two weeks ago, the index has fallen by as much as 3%.

The Consumer Staples and Utilities sector were the worst of the day dropping 1.64% and 0.92%, respectively.

Woolworths lost 2.8% to $29.96 per share as it was targeted by protesters at its AGM amid claims that the farming of its Tasmanian Salmon is complicit in extinction of the Maugean skate.

Tech stocks were the strongest of the sectors, while the Consumer Discretionary sector also found support after encouraging updates from JB Hi-Fi, Coles, Wesfarmers (ASX:WES) and Corporate Travel.

Minerals Resources soared on news that the miner had reached a $1.1 billion deal with Hancock Prospecting for the acquisition of its oil and gas exploration ground. MIN closed up 9.2%.

Retail sales weak

Following the release of inflation data yesterday, the ABS today provided retail sales data that showed Australian retail sales inched up only 0.1% in September, below expectations for a 0.3% increase and following a 0.7% rise in August.

Overall third-quarter sales rose 0.5% to $104.6 billion, breaking a trend of losses, yet on a per-person basis, spending was down 1.9% from last year.

Small cap movers

It has been a strong few weeks for Polymetals Ltd, rising from $0.26 on September 19 to a new record of $0.83 today, the third successive day of new records. Shares were as much as 22.97% higher than yesterday's close.

FireFly Metals Ltd (ASX:FFM) has hit a new two-year high for the past two days, with a 9.97% increase taking shares to an intra-day high of $1.38.

Among other small-cap risers were Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA), which was up to 15.22% higher intraday to $0.265, Strickland Metals Ltd (ASX:STK) had good results from Serbia to gain 15.15% to $0.076, Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) was up by as much as 12.91% to $0.105, Highfield Resources Ltd (ASX:HFR) increased by 14.29% to $0.28 and QMines Ltd (ASX:QML) was up 12.7% to $0.071.

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