The ASX200 closed down 0.35% at 8,176 points.
Iron ore prices fell from US$114/tn to US$108/tn in Singapore on news the Chinese government’s stimulus will focus more on boosting domestic spending.
Instead of driving new construction, the Chinese government has pivoted towards bolstering consumer confidence in buying existing properties.
This cut against what investors who favour construction wanted to hear, and the market responded swiftly, with iron ore shedding $5 within thirty five minutes.
On the ASX, Health Care was the biggest gainer, up 0.75%, followed by Utilities, up 0.29%.
Materials was the biggest loser, down 1.75%, followed by IT, down 1.07% and Energy, down 0.9%.
In the Green
Regenerative medicine company Orthocell (ASX:OCC) closed up 7.29% after receiving regulatory approval from the Health Sciences Authority in Singapore to commence sales of its nerve repair product, Remplir. It’s the first international approval of the product outside of Australia and New Zealand.
Orthocell closed at 51.5 cents.
Mongolia-based microcap energy explorer TMK Energy (ASX:TMK) jumped in intraday trade after kicking off a fresh round of drilling at its Mongolian gas project in the Gobi desert.
TMK Energy closed at $0.002.
AI-based defence technology play Droneshield (ASX:DRO) closed up 1.13% on news of a $13.5 million contract with the US government for its proprietary counter drone systems.
Droneshield closed at $1.34.
In the Red
TechnologyOne (ASX:TNE) closed down 2.4% after Goldman Sachs downgraded the stock to neutral, but with an improved price target of $24.05.
TechnologyOne closed at $24.01.
Elixir Energy (ASX:EXR) closed down more than 58.79% after flowing gas from 5 of 6 zones at its Daydream 2 well, but at rates that disappointed the market.
The company is all but guaranteed to become a future gas producer, however it has vastly failed to match gas flow rate expectations held by HotCopper users.
Elixir Energy closed at 6.8 cents.
Akora Resources (ASX:AKO) closed down 3.57% on company reports the mining minister of Madagascar expressed support for the Bekisopa iron ore project in late September.
Akora Resources closed at 13.5 cents.