As predicted the ASX lost ground in morning trading – starting flat and then sliding.
The ASX was about 0.5% lower at midday with blue-chip miners and banks contributing to the decline.
Iron ore miners also fared poorly, following the overnight fall in the price of the steel-making ingredient.
Rio Tinto Limited shares were down 1.9% at time of writing to $108.55, the lowest they have been in two weeks. BHP Group Ltd is down 1.5% at $41.59 and earlier hit a nine-month low of $41.57. Fortescue Metals Groupo Limited is down to $18 after shedding $2.85 in two sessions.
Iron ore miners are now making as much cash as possible by shipping their ore to China in quick time while prices are still high.
Meanwhile, health stocks like CSL and Cochlear are higher along with gambling stocks Aristocrat and Tabcorp.
On the small cap front
PVW Resources NL (ASX:PVW) was up 2.78% today after completing the acquisition of Stark Resources Pty Ltd and the King of the West Project expansion agreement.
Galena Mining Ltd (ASX:G1A, FRA:GM6) was up 4.35% at time of writing after identifying several priority targets to begin drilling for base and precious metals in the December quarter of 2021.
Australian Potash Ltd (ASX:APC) was up 6.06% after engaging specialised power provider PWR Hybrid to build, own and operate a 35-megawatt hybrid renewable energy microgrid at its Lake Wells Sulphate of Potash Project (LSOP) in Western Australia.
Other small cap gainers
- 9SP is up 16.67%
- AQX is up 10%
- ASN is up 5%
- AON is up 5%
- ARU is up 6.06%
- AKM is up 4.71%
- ARO is up 25%
- AUN is up 5%
- APC is up 6.06%
- BNL is up 8.82%
- CHN is up 5.76%
- EMD is up 10.64%
- GBR is up 11.29%
- GGG is up 8.70%
- HHR is up 12.5%
- HRZ is up 4.17%
- IMU is up 4.38%
- KIN is up 4.35%
- MXC is up 5.77%
- M2R is up 6.58%
- MR1 is up 7.14%
- OAR is up 7.69%
- OCC is up 5.33%
- PAM is up 23.89%
- RVR is up 5.88%
- WAK is up 4.65%