ASX Market Update
The ASX experienced a sharp decline, shedding around 54 points by midday, due to profit taking in resource stocks.
The market saw a defensive rotation out of resources and into sectors like utilities and staples.
- Rare earths, lithium, uranium, and copper stocks were heavily affected.
- Notable decliners included:
- Bougainville Copper (ASX:BOC), down 20% after rising over 400% in six months.
- Iluka Resources (ASX:ILU), down 8.6%.
- Bannerman Energy (ASX:BMN), down 11%.
- St George Mining (ASX:SGQ), down 10.35% intraday.
Only consumer staples and utilities showed positive movement.
What started as a measured pullback this morning is threatening to accelerate into a bit of a rout on the ASX today.
Author's summary: ASX declines sharply due to profit taking.