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 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.
Five at Five
St George Mining partners with state authorities to accelerate Araxá Niobium-REE Project in Minas Gerais, Brazil
With a view to expediting regulatory approvals for its high-grade Araxá Niobium-Rare Earth Elements Project, St George Mining Ltd (ASX:SGQ) has inked a MoU with Brazil’s Minas Gerais State Economic Development Department (SEDE) and the Minas Gerais Integrated Development Institute (Invest Minas).
Strickland Metals delivers another "exceptional" thick high-grade intercept at Rogozna
Strickland Metals Ltd (ASX:STK) has continued a run of success from resource extension and exploration drilling at its Rogozna Gold and Base Metals Project in Serbia, returning an “exceptional” thick, high-grade intercept of 43.4m at 4.6 g/t gold eq. within 223m at 1.7 g/t gold eq.
Pantoro selling Halls Creek Project for $8 million to fully focus on gold at Norseman
Pantoro Ltd (ASX:PNR, OTC:PNTOF) will focus on unlocking the full potential of the Norseman Gold Project after entering a binding agreement for the sale of the Halls Creek Project in Western Australia to Kimberley Minerals Group for $8 million.
Artemis Resources drilling at Lulu Creek to test IP anomalies and near-surface gold intersections at depth
Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has kicked off drilling at its 100%-owned Lulu Creek gold prospect within the Karratha Gold Project in the Pilbara region of Western Australia with induced polarisation (IP) anomalies and highly anomalous near-surface gold intersections to be tested at depth.
Aldoro Resources moves to pre-drill trenching at Kameelburg REE and Niobium Project
Aldoro Resources Ltd (ASX:ARN) has moved to pre-drill trench sampling over possible drill locations after completing a ground magnetic survey at the Kameelburg Rare Earth Elements (REE) and Niobium Project in Namibia.
On your six
Easing inflation but rate cut prospects dim for 2024
Australia’s annual inflation rate fell to a 3.5-year low of 2.8% in the September quarter, down from 3.8% in mid-year, according to the Australian Bureau of Statistics (ABS)
One to watch
Gold Hydrogen confirms rare Helium-3 discovery at Ramsay
Gold Hydrogen Ltd (ASX:GHY) managing director Neil McDonald joins Proactive’s Tylah Tully to discuss the company’s latest discovery.