The ASX was higher in morning trading, but is beginning to retreat sharply into the midday session.
That said the market is still up with the S&P/ASX200 gaining 57.40 points or 0.84% to 6,895.70 at time of writing after setting a new 100-day low.
The index has lost 3.90% for the last five days, but has gained 3.70% over the last 52 weeks.
The top performing stocks in this index so far are Clinuvel Pharmaceuticals (ASX:CUV) Ltd up 6.49% and Champion Iron Ltd (ASX:CIA) up 5.32%.
Gains in the big iron ore miners (BHP Group Ltd +2.5% and Rio Tinto Ltd +3%), CSL Ltd, Goodman Group (ASX:GMG) and Wesfarmers Ltd (ASX:WES) were offset by falls in Newcrest Mining Ltd and the major banks, Block Inc CDI (NYSE:CDI) and Resmed CDI (NYSE:CDI).
The best and worst performing sectors this week?
All sectors in the Australian stock market are down with the best performing including Utilities down around 2%, Energy down over 2% and Consumer Staples down over 3%.
The worst performing sectors include Information Technology down over 9% and Healthcare and Consumer Discretionary down over 5%.
The best performers in the S&P/ASX top 100 stocks include AusNet Services Ltd, Oil Search and a2 Milk Company Ltd, which are all up over 2%. Rio Tinto Limited which is just in the green.
The worst performing stocks include Evolution Mining Ltd (ASX:EVN), Mineral Resources Ltd (ASX:MIN) and Wisetech Global Ltd, all down over 15% followed by Northern Star Ltd and Lynas Rare Earths Ltd, down around 13%.
What's next for the Australian share market?
As usual, Wealth Within founder and analyst Dale Gillham gives us his rundown on what to expect in the market.
“Since achieving a new all-time high of 7,926 points on 5 January, the All Ordinaries Index has fallen over 11% to a low on Thursday of 7,031, which is very close to my target level.
“As I have mentioned previously, given that our market hasn’t experienced a major fall since the COVID crash in March 2020, it was possible that it would fall below 7,000 points and this is looking very likely.
“I believe we have seen the majority of the fall in price and while the down move may last another few weeks, the All Ordinaries Index is unlikely to fall much below 6,800 points.
“Many investors are worried about the market right now, so I want to be clear that I do not believe it will crash this year.
“That said, as always, I urge investors to protect their capital in case it falls further. Medium term, I believe once we confirm the low, our market will have a very nice run up this year and continue in a longer-term uptrend until the middle of this decade.”
On the small cap front
Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF) has gained 4.44%. BNL is preparing to commence drilling at the Enterprise 16#1 well in Las Animas County, Colorado.
Castillo Copper is 3.85% higher. CCZ’s focus will pivot to proving up JORC 2012 mineral resources for Big One Deposit in Queensland, BHA East Zone in Broken Hill, New South Wales and Cangai Copper Mine, also in NSW.
Imugene Limited is 3.51% higher. IMU has opened the doors to a large and lucrative market for immuno-oncology by securing a Notice of Grant from the European Patent Office for its HER-Vaxx immunotherapy.
Antipa Minerals Ltd (ASX:AZY) is up 2.58%. AZY’s farm-in exploration partner IGO Ltd has opted to buy-in to the next stage of the Paterson farm-in project.
Calima Energy Ltd (ASX:CE1) is up 2.22%. CE1 has released the drill rig after completing the Gemini #6 and #7 Sunburst horizontal wells at the Brooks area of interest, while Leo #4 at North Thorsby has reached total planned depth.