ASX slides as gold miners, tech stocks fall
The Australian sharemarket remained flat as gains in energy stocks were offset by declines in tech and gold mining sectors. Market volatility was driven by geopolitical tensions in the Middle East and concerns over the Strait of Hormuz.
Why it matters
Geopolitical instability in the Middle East is directly impacting global commodity prices and investor sentiment in regional markets like the ASX.
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Share A A A The local sharemarket posted a volatile start to the week on Monday, with early gains all but erased by market close amid uncertainty following further US strikes on Iran and a weak showing from the country’s tech stocks.
The S&P/ASX 200 closed almost entirely flat, gaining just 2.5 points to 8808 by market close. This was despite early gains aided by energy stocks, with the price of Brent crude oil climbing 3 per cent at the open.
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