Local markets are heading into the long weekend (for some states) on a seriously sour note, as stocks copped a hiding to end the week.

Evergrande is missing interest payments, fears of persistent supply-side inflation are lingering, and just one day after posting its biggest gain of the year, the ASX 200 fell by more than 2%.

Money flowed out of the big banks, as the ASX Financials index tanked by more than 3% — its biggest one-day fall since June.

There were sharp falls of more than 1% across every major sector except utilities (which traded flat).

As investors went risk-off and hit the sell button, gold shined through as a safe haven.

Large caps that specialise in mining and producing the precious yellow metal stood out in a sea of red, while coal stock and travel stocks also posted solid gains.


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Among stocks with a market cap of $1 billion or more, Yancoal Ltd (ASX:YAL) was the standout, gaining more than 11% on no news.

Gold plays held their ground as Evolution Mining (ASX:EVN) more than 2%, after getting government approval for its $380 million underground development at the Cowal mine.

Silver Lake (ASX:SLR) was up more than 4% and $9.9bn major Northern Star (ASX:NST) also rose strongly.

Metallurgical coal company Coronado Global Resources (ASX:CRN), after its US division confirmed it will receive full payment of outstanding trade receivable balances from its debtor company, Xcoal Energy and Resources.


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Fast food heavyweight Dominos Pizza (ASX:DMP) was among today’s laggards, although the stock has still almost doubled so far this year, edging back from all-time highs above $160.

On a shocking day for the big banks, Commonwealth Bank (ASX:CBA) led the laggards with a fall of 4.1%.