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The ASX has collapsed through morning trade today, dropping 1.2% to 7,795 points.
The local bourse has entered correction territory after U.S. President Trump ruled out tariff exemptions on Oz steel and aluminium. Discretionary was the poorest performing sector, down 2.3%, followed by Industrials, down 1.8%.
Utilities has been the only Australian sector to gain ground, up 0.7%.
Heavyweights CBA and BHP were aggressively sold down 1.4% and 1.2% respectively.
Looking to the forums, Core Lithium (ASX:CXO) has been among the most watched on HotCopper today. The company posted encouraging results from drilling at its Mt Shoobridge in the Northern Territory.
Also trending has been Ovanti (ASX:OVT) after it entered a strategic partnership with BNPLPay Protocol, a blockchain-based lending platform for the BNPL sector.
Rounding out the most discussed stocks was Meteoric Resources (ASX:MEI) after it increased its Mineral Resource to 1.1 billion tonnes. This reinforces the company’s tier one status within global rare earth markets.
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