ASX-200: Aussie sharemarket falls, sets new record one-day dip

The Australian sharemarket has seen the biggest one-day fall in a year, one day after setting a new 52-week high.

The Australian sharemarket has seen the biggest one-day fall in a year, one day after setting a new 52-week high.

The benchmark S & P/ASX200 index dipped by 1.8 per cent at 7700.1 points at the close.

The Index recorded an all time intraday high of 7853.1 late in the session before later closing at 7847 on Friday.

The ASX has closed at a record low in a year. Picture: NCA NewsWire / David Swift

The Index has lost 0.53 per cent for the past five days, but sits 1.89 per cent below its 52-week high at the close.

It’s the biggest drop since March 10th 2023 when the ASX lost 2.3 per cent.

“There certainly has been a steep declines today. It’s the worst day in about a year with the Aussie market falling 143 points, or about 1.8 per cent,” CommSec market analyst Laura Bearati said.

“But remember, this does follow the Aussie market hitting a fresh record high in Friday’s session so we are coming off that high base.”

All 11 sectors finished in the red at the close, with materials dropping by 2.6 per cent in the wake of falling iron ore price. 

Iron ore futures have fallen 21 per cent this year and Monday’s results continue to fall, with Fortescue closing with slipping 3.5 per cent.

Some of the lowest performing stocks at the close on Monday were Bellevue Gold Ltd and Strike Energy Ltd down 6.43 per cent and 6.63 per cent respectively.

All four major banks fell, with Westpac leading the charge by declining by 3.18 per cent at the close.

Westpac dropped 3.18 per cent at the close on Monday. Picture: NCA NewsWire / Jeremy Piper

Rex Airline was one of the companies that ended higher at 4.40 per cent off the back of announcing a partnership with Etihad Airways.

Meanwhile, the broader All Ordinaries fell 1.8 per cent, or 7963.8, on Monday.

Wall Street rallied on the news, with Nasdaq-composite and the S & P500 index adding 1.5 per cent and one per cent, respectively, to both reach record highs.

The US benchmark, the Dow Jones index relinquished 0.18 per cent, while the S & P 500 also lost 0.65 per cent.

The Nasdaq Composite also dropped 1.16 at the close on Friday.

Ms Bearati said all eyes would be looking at the US on Wednesday when the February inflation data will be released.

“The main event this week will come out of the US, with inflation data for both consumers and for businesses, so that will be the main event in the coming days,” she said.

The Australian dollar sits at US66.23c.