Big miners continue to drag on the ASX200

Jonathan Pow / Barcroft Media via Getty Images

After losing 0.7% last Thursday, the ASX 200 closed down 0.9% today at 5,836 points.

ASX200 futures closed in from -50 points to -15 points on a strong lead from the US overnight, but any hopes of a higher open were quickly put to bed.

With iron ore in free fall, the big miners all took another bath. Rio Tinto and BHP both lost about 2% today, while Fortescue fell by more than 7%.

Fortescue has now lost 29% since iron ore prices peaked on February 21, and its fall has almost directly correlated with the iron ore decline.

Shares in TPG Telecom fell by more than 16% upon resuming from a trading halt. The fall brought TPG’s share price in line with the value of its recent capital raising, as it attempts to establish itself as Australia’s fourth mobile carrier.

Gold miner Newcrest Mining finished 4.6% lower after suspending operations at its Cardia East goldmine in New South Wales on Friday due to an earth tremor.

Among other big players, Telstra lost almost 4% and Wesfarmers fell by 1.4%. Origin led energy stocks lower (down 2%) with the ASX200 Energy Index down 1.51%.

All the big banks were down as the ASX200 Financials Index fell by 0.7%.

This chart from investing.com shows the fall in the market after testing resistance at 6,000 points last week.

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