ASX 200 Sheds 1.9% at Close

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ASX 200 Sheds 1.9% at Close
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 retreated 142.5 points or 1.9% lower to 7438.4 on Thursday, extending losses of 0.24% in the previous session amid broad based losses as a dip in iron ore prices overnight hit mining heavyweights, while risk sentiment was further sapped on mounting concerns that the Delta coronavirus variant may derail a global economic recovery.

On the coronavirus front, Victoria reported a fresh yearly high of 324 new cases today, while New South Wales tallied a near record 1405 new cases as health authorities revealed the roadmap for easing lockdown restrictions as vaccination rates continue to surge toward the 70% threshold.

Among stocks, Rio Tinto Ltd (ASX: RIO ) BHP Billiton Ltd (ASX: BHP ) and Fortescue Metals Group Ltd (ASX: FMG ) fell 2.48%, 1.83% and 0.39% respectively as Iron ore prices dipped to 8-month lows overnight. Banking stocks also fell, with Commonwealth Bank Of Australia (ASX: CBA ) down 2.25%, National Australia Bank Ltd (ASX: NAB ) falling 1.56%, Westpac Banking Corp (ASX: WBC ) falling 1.72% and Australia and New Zealand Banking Group Ltd (ASX: ANZ ) down 1.78%. Afterpay Touch Group Ltd (ASX: APT ) also slid 3.02%.

In New Zealand, the NZX 50 lost 106.53 points or 0.81% to 13095.77.

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