Shares slip as iron ore prices fell overnight, sending miners lower. Investors sell DigiCo and HMC post IPO. Follow for more.
The sharemarket fell for the fifth straight session on Monday as fresh economic data from China provided a gloomy outlook for Australian miners. The S&P/ASX 200 closed down 0.6 per cent, or 46.5 points, at 8249.5 points. Shares have now fallen more than 2 per cent in the last five sessions. Iron ore prices over the weekend slipped after the Chinese Communist Party’s Central Economic Work Conference failed to provide hard-figure stimulus measures as the market had hoped.
Iron ore futures in Singapore settled near $US104 per tonne after slipping more than 1 per cent over the weekend. The weaker outlook for China also hit lithium and gold miners. WA lithium hopeful Liontown Resources fell 7.5 per cent to 55¢, while gold miner West African Resources edged 5.3 per cent lower to $1.52. Energy stocks also dragged the ASX lower, weighed by uranium stocks. Boss Energy tumbled 8.1 per cent to $2.40 and Paladin Energy fell 4.2 per cent to $7.62.
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