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.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NST | Northern Star | 8.71 | 2.5% | 7,838,289 | $9,899,195,192 |
| MCY | Mercury NZ Limited | 6.41 | 4.2% | 10,811 | $8,378,150,738 |
| EVN | Evolution Mining Ltd | 3.57 | 2.3% | 7,390,528 | $6,396,957,962 |
| ORI | Orica Limited | 14.1 | 2.2% | 3,039,203 | $5,619,605,635 |
| YAL | Yancoal Aust Ltd | 3.00 | 11.5% | 949,707 | $3,551,982,086 |
| WHC | Whitehaven Coal | 3.36 | 4.0% | 17,349,012 | $3,335,440,869 |
| AMP | AMP Limited | 1.025 | 3.5% | 18,372,230 | $3,233,444,794 |
| CRN | Coronado Global Res | 1.355 | 5.0% | 3,441,839 | $2,162,625,312 |
| CEN | Contact Energy Ltd | 8.1 | 2.4% | 1,424 | $1,940,960,293 |
| PDN | Paladin Energy Ltd | 0.72 | 4.3% | 34,877,080 | $1,847,810,443 |
| HTA | Hutchison | 0.11 | 4.8% | 195,246 | $1,425,113,401 |
| INR | Ioneer Ltd | 0.645 | 2.4% | 8,423,708 | $1,199,644,048 |
| SLR | Silver Lake Resource | 1.39 | 3.7% | 4,737,241 | $1,186,336,182 |
| GOR | Gold Road Res Ltd | 1.235 | 3.3% | 5,315,258 | $1,053,160,358 |
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.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MIN | Mineral Resources | 41.74 | -6.9% | 1,876,444 | $8,462,377,955 |
| DMP | Domino Pizza Enterpr | 150.41 | -6.3% | 442,136 | $13,888,441,040 |
| HUB | HUB24 Ltd | 27.25 | -6.2% | 258,630 | $1,991,124,943 |
| LTR | Liontown Resources | 1.355 | -5.9% | 6,202,788 | $2,752,096,870 |
| CTT | Cettire | 3.09 | -5.5% | 1,343,939 | $1,246,648,979 |
| PLS | Pilbara Min Ltd | 1.94 | -5.4% | 22,801,564 | $6,018,176,765 |
| REH | Reece Limited | 18.11 | -5.3% | 532,559 | $12,357,677,383 |
| SGM | Sims Limited | 12.62 | -5.3% | 1,964,943 | $2,686,382,583 |
| BPT | Beach Energy Limited | 1.42 | -5.0% | 20,584,492 | $3,410,593,816 |
| CHN | Chalice Mining Ltd | 6.07 | -5.0% | 2,365,829 | $2,255,274,970 |
| URW | Unibailrodawestfield | 5.1 | -4.5% | 1,154,449 | $1,063,560,858 |
| CIP | Centuria I REIT | 3.57 | -4.3% | 10,214,455 | $2,355,213,527 |
| ALL | Aristocrat Leisure | 44.96 | -4.2% | 1,884,309 | $29,979,647,843 |
| TLX | Telix Pharmaceutical | 5.78 | -4.1% | 327,936 | $1,718,989,635 |
| PPK | PPK Group Limited | 14.69 | -4.1% | 432,335 | $1,367,911,969 |
| KGN | Kogan.Com Ltd | 10.54 | -4.1% | 680,128 | $1,174,701,417 |
| CBA | Commonwealth Bank. | 100.08 | -4.1% | 5,526,996 | $185,091,478,455 |
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%.