The ASX 200 lagged the Small Caps index in Thursday trade, dragged lower by what was a brutal session for the big miners.

Iron ore prices tanked back towards US$150/tonne overnight, and the big three miners all slumped by more than 5% in today’s session.

One day after dipping by 2.97%, the ASX 200 Materials index fell by more than 3% in what marked its worst session since May 1, 2020.

The big banks traded flat while the ASX 200 Consumer Discretionary sector outperformed, with a gain of more than 1.5%.

BIG CAP WINNERS

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Among stocks with news, New Zealand-based telco provider Chorus Ltd (ASX:CNU) led the way with a gain of around 14%.

The stock gained after getting some regulatory clarity from the New Zealand government around its public-private infrastructure project.

The Commerce Commission released a draft decision proposing an initial regulated asset base (RAB) of NZ$5.427 billion for CNU’s fibre business. In March, CNU had proposed a starting base of NZ$5.5bn.

“It’s critical that the true value of our participation in this partnership is recognised so we can keep investing in developing the capability and reliability of fibre broadband for New Zealand,” CEO JB Rousselot said.

Also rising was listed casino group Star Entertainment (ASX:SGR), following the release of its full-year results.

The company reported a $58m net profit and a $211m reduction in net debt, flagging particularly strong growth in the Queensland market.

BIG CAP LOSERS

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Leading the laggards was communications, metal detection and mining services company Codan (ASX:CDA).

The stock is up by around 300% from its March 2020 pandemic lows but fell on the release of its full-year results today.

Codan announced record full year revenue and net profit results of $437m and $90.2m respectively, “with the record run rate of FY21 being maintained thus far in the new financial year”.

Among the other reporting season losers was Origin Energy (ASX:ORG), after write-downs contributed to a $2.29bn loss in what was a “challenging” year for the power sector, the company said.