Australia’s commodity heavyweights dragged the share market into the red on Wednesday, with another dip in iron ore prices causing a sell-off in large-cap mining stocks.
The benchmark ASX200 fell 12.9 points, or 0.17 percent, to close at 7816.8, while the broader All Ordinaries index dropped 16.9 points, or 0.21 percent, to 8058.3.
Tech stocks traded flat, finishing at 3109.7.
The market recovered throughout the afternoon from a sharp morning slump, with the benchmark hitting a low of 7783 at the opening bell.
Six of 11 industry sectors ended in the red, with utilities leading the decline with a 1.3 percent drop.
Market heavyweights BHP, Rio Tinto, and Fortescue all fell as iron ore prices slipped below $110 a tonne.
BHP shed 1.3 percent to $43.17 a share, while Rio fell 1 percent to $119.37, and Fortescue lost 1.2 percent to $21.60.
Energy stocks also struggled, with Woodside Energy edging down 0.27 percent to $28.51, and Santos dipping 0.37 percent to $7.89.
The big banks were mixed after Commonwealth Bank’s record high on Tuesday.
The financial giant slipped 0.11 percent on Wednesday to $128.54, while NAB traded flat, closing at $35.82.
Westpac lost 0.58 percent to finish at $27.52, while ANZ gained 1.4 percent to $29.70.
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