The S&P/ASX200 has dropped 98.20 points or 1.31% to 7,413.80 and is crossing below its 20-day moving average.
The dip was expected after US and European markets fell flat overnight.
Virgin Money UK PLC (LSE:VMUK) was one of the hardest hit, down 6.78% while Omni Bridgeway Limited fell 6.40%.
The index has lost 0.96% for the last five days but sits 2.87% below its 52-week high.
- The SPI futures currently point to a fall of 85 points.
- Materials and technology have been hardest hit, down 1.7%.
- Energy is down 1.6% and communication services is down1.5%.
- Consumer staples fell 0.2%.
Rio Tinto Limited, BHP Group Ltd and Fortescue Metals Group (ASX:FMG) Limited are all lower as are the major banks.
On the positive side, Weebit Nano Ltd (ASX:WBT) surged 38% after unveiling its first commercial partnership – a deal with the US$1.3 billion Wall St counterpart Skywater Technologies.
Resmed Inc is up 2.8% at $40.66 while the price of coal is working in Whitehaven Coal Ltd’s favour as it trades up 2.1%.
Newcrest Mining Ltd is up 0.3% after some positive drilling results.
On the small cap front
Anson Resources Ltd (ASX:ASN) is up 19.39% on receiving positive battery test-work results from NOVONIX Ltd, demonstrating its high-purity lithium makes batteries last longer.
Twenty Seven Co Ltd (ASX:TSC) is up 16.67% after appointing experienced finance industry and capital markets executive Rohan Dalziell as non-executive chairman, effective September 9, 2021.
Alto Metals Ltd (ASX:AME) is up 9.21% after it hit a thick intersection of 19 metres at 6 g/t gold beneath the Lord Nelson pit and outside the current resource within the wider Sandstone Gold Project in Western Australia.
Medallion Metals Ltd (ASX:MM8) is up 6.52% after it announced high-grade results from Gem Restored deposit are set to enhance a maiden resource estimate and push the company towards its goal of defining a 1-million-ounce gold resource at the Ravensthorpe Gold Project (RGP) in southern WA.
Mako Gold Ltd (ASX:MKG) is up 1.12% after confirming that two prospects within its flagship Napié Project in Côte d’Ivoire share similar mineralisation styles after reporting on its latest drill results.
Other notable small cap performers
- ARE is up 20%
- CVS is up 8.33%
- CRL is up 5.26%
- EPM is up 6.38%
- G1A is up 4.35%
- GMR is up 14.29%
- KWR is up 4.11%
- LCD is up 4.55%
- MEU is up 4.76%
- NC6 is up 4.3%
- NVA is up 7.69%
- OAR is up 7.69%
- OKU is up 4%
- OBM is up 4.76%
- PXS is up 7.69%
- Red5 is up 8.54%
- SNS is up 4%
- TEG is up 4.55%
- WKT is up 4.76%
- WSR is up 6.06%