The ASX200 closed at 1.7% at 7,843 points.
There was carnage on the boards, and all sectors lost ground. Materials was the worst performer, down 3.3%, followed by Energy, down 2.7%, and Real Estate, down 2.1%.
In the Green
Southern Cross Electrical Engineering (ASX:SXE) closed up 6.4% after acquiring Force Fire Holdings, a fire safety solutions provider in New South Wales and Queensland, for up to $53.5 million.
Southern Cross finished at $1.66.
Hutchison Telecoms (ASX:HTA) closed up 10% on release of its Annual Financial Report for the year ending December 2024.
Hutchison closed at 2.2 cents.
Catalyst Metals (ASX:CYL) closed up 4.9% despite no fresh news released today. The company has risen more than 37% over the last month.
Catalyst Metals closed at $5.78.
In the Red
Rio Tinto (ASX:RIO) closed down 4.7% on reports it will ink a lithium deal in the Democratic Republic of Congo, potentially unlocking a major portion of the world’s largest hard-rock lithium deposit.
Rio Tinto Closed at $115.49.
Echo IQ (ASX:EIQ) closed down 5.1% on news of a partnership and integration agreements with ScImage and MedAxiom to expand the deployment of its AI-powered cardiology technology, EchoSolv, across the United States.
Echo IQ closed at 27.5 cents.
Desert Metals (ASX:DM1) closed down 8.3% after the company assigned its joint venture rights in the central Côte d’Ivoire to MetalsGrove Mining (ASX:MGA). The company will now concentrate on its flagship Adzope and Tengrela South Gold Projects.
Desert Metals closed at 2.2 cents.