The S&P/ASX 200 index closed down 72.20 points or 0.91% at 7,890.10, marking a new 100-day low. The All Ordinaries index also declined, dropping 1.08% to 8,103.4. The ASX 200 Resources Index lost 0.29% to 5,124.7, while the ASX 200 Banks Index remained relatively steady, declining 0.03% to 3,446.7. The ASX 20 Index dropped 0.28% to 4,415.5, and the ASX 50 fell 0.55% to 7,742.9. Small-cap stocks also struggled, with the ASX Small Ordinaries falling 2.55% to 2,986.5. The ASX All Technology Index was the worst-performing sector, losing 4.01% to close at 3,489.2.
Figure 1: ASX 200 Chart
Technology Sector Leads Losses
Technology stocks followed the sharp decline of the Nasdaq overnight, with several key players experiencing significant losses. DroneShield fell 11.48% to close at $0.90, while Life360 declined 8.30% to $21.09. Block, the owner of Afterpay, dropped 6.5% to $88.03, and Technology One fell 6% to $27.15.
Resources Sector Under Pressure
The materials and gold mining sectors struggled, with commodity prices remaining under pressure. Nickel Industries and Ramelius Resources recorded the steepest declines in the index.
Also Read: Australian Sharemarket Plunges Amid Fears of Trump Tariff Fallout
Consumer Stocks Decline Despite Strong Sentiment
Despite a 4% increase in the Westpac Consumer Sentiment Index for March, consumer-facing stocks faced selling pressure. Baby Bunting fell 7.16% to $1.75, while Temple and Webster declined 4.15% to $16.16. Kogan lost 3.78% to $4.58, and JB Hi-Fi dropped 2.62% to close at $88.95.
Financial Sector Records Sixth Consecutive Decline
The ASX 200 Financial Sector continued its losing streak, falling for the sixth consecutive session. At its lowest point today, the sector had declined 13% from its mid-February peak. Macquarie fell 2.62% to $202.82, AMP lost 2.31% to $1.27, and Bendigo Bank dropped 1.25% to $10.24. Commonwealth Bank also declined, losing 0.54% to $147.31. National Australia Bank, however, managed to gain 0.12% to close at $34.11, while Westpac rose 0.89% to $30.67. ANZ also saw a slight increase, closing 1.14% higher at $29.04.
Energy Sector Gains Amid Crude Oil Weakness
Despite crude oil trading below $66 per barrel, the energy sector posted gains. Woodside Petroleum rose 1.22% to $23.19, while Santos added 0.9% to close at $6.16. Beach Energy also saw a slight increase, rising 0.54% to $1.40. The gains came despite ongoing concerns over US tariff uncertainty, US economic growth, potential changes in US sanctions on Russia, and OPEC+ decisions on output levels.
Top Gainers
- Botanix Pharmaceuticals rose 12.33% to close at $0.41.
- Aurelia Metals gained 8.54% to finish at $0.2225.
- Zimplats Holdings climbed 6.56% to $13.00.
- Strike Energy advanced 5.88% to close at $0.18.
- Serko increased 5.31% to $3.37.
Top Decliners
- Nickel Industries dropped 18.21% to close at $0.6175.
- Ramelius Resources fell 16.85% to $2.32.
- Santana Minerals lost 12.30% to finish at $0.535.
- Catalyst Metals declined 12.18% to $4.11.
- Catapult Group International closed 11.45% lower at $3.48.
Foreign Exchange and Commodities
The Australian dollar weakened slightly against major currencies. The exchange rate against the US dollar was 0.6277, down 0.02%. The euro traded at 0.5783, losing 0.21%, while the British pound exchange rate declined 0.15% to 0.4868. The Japanese yen was down 0.22% to 92.2600, and the Chinese yuan held steady at 4.5573.
In commodities, Brent crude oil lost 0.06% to trade at $69.24 per barrel, while WTI crude fell 0.15% to $65.93 per barrel. Gold rose slightly by 0.10% to $2,902.30 per ounce, while silver gained 0.25% to $32.61 per ounce. Copper prices fell 0.29% to $4.65 per pound.
Market Outlook
The ASX 200 faced volatility throughout the session, reaching an intraday low of 7,818.3 before recovering slightly. Analysts pointed to concerns over US trade policies and economic uncertainty as key drivers of the market decline. According to US investment bank Goldman Sachs, the probability of a US recession over the next 12 months has increased from 15% to 20%. Market sentiment was further impacted by comments from US President Donald Trump regarding economic conditions. In a Fox News interview, Trump stated, “I hate to predict things like that. There is a period of transition because what we’re doing is very big.”
