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ASX experience their most significant single-day drop in over a month to close 0.89% lower

PUBLISHED

2023-12-05

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Australian shares experienced their most significant single-day drop in over a month on Tuesday, reflecting a change in trader sentiment after a robust November rally. Despite this decline, the benchmark index partially recovered some of its losses following the Reserve Bank of Australia's decision to maintain interest rates at 4.35 percent, a move anticipated by economists and money market pricing.

At the closing bell, the S&P/ASX 200 was 0.89 per cent lower at 7,061.60.

Futures

The Dow Jones futures are pointing to a fall of 59 points.

The S&P 500 futures are pointing to a fall of 9.5 points.

The Nasdaq futures are pointing to a fall of 39.25 points.

The SPI futures are down 68 points.

Best and worst performers

The best-performing sector was Utilities, up 0.55 per cent. The worst-performing sector was Energy, down 2.05 per cent.

The best-performing large cap was Origin Energy (ASX:ORG), closing 2.16 per cent higher at $8.03. It was followed by shares in ResMed (ASX:RMD) and Cochlear (ASX:COH).

The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 8.50 per cent lower at $3.23. It was followed by shares in IGO (ASX:IGO) and Mineral Resources (ASX:MIN).

Asian markets

Japan's Nikkei has lost 1.20 per cent.

Hong Kong's Hang Seng has lost 1.69 per cent.

China's Shanghai Composite has lost 0.84 per cent.

Company news

Atlas Pearls (ASX:ATP) has sold 130,000 loose pearls for total revenue of $14.81 million in an auction in Kobe, Japan. In response, Atlas Pearls’ CEO Michael Ricci commented: "The sales outcome underlined the continuing strength in the global market for south sea pearls with strong demand for the Company’s offering from both Chinese and Japanese buyers.” Shares closed 47.7 per cent higher at 13 cents.

Adavale Resources (ASX:ADD) has been granted an exploration licence for its uranium tenure in South Australia. The high-priority uranium targets can be progressed over the company’s large-scale licence holdings, which total over 1600km2. Shares closed 38 per cent higher at 1.1 cents.

Horizon Minerals (ASX:HRZ) has announced that several reverse circulation and air core drill programs have been conducted at a number of prospects near Kalgoorlie at the company’s 100%-owned tenure in the Goldfields region. Commenting on the exploration results, Chief Executive Officer Mr Grant Haywood said, "Although early days, our Kanowna South gold prospect is starting to take shape, and discovering a strong sulphide link in some of the mineralisation could be a major turning point in our understanding of this prospect." Shares closed flat at 4 cents.

Commodities and the dollar

Gold is trading at US$2,049.80 an ounce.

Iron ore is 1.7 per cent lower at US$131.05 a tonne.

Iron ore futures are pointing to a 0.6 per cent fall.

Light crude is trading $0.08 higher at US$73.11 a barrel.

One Australian dollar is buying 65.81 US cents.

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