The Australian stock market faced a significant downturn today, with the benchmark S&P/ASX 200 index dropping by 2.11%, closing at 7,943.2 points. This marks the ASX 200’s worst session since March 2023. Similarly, the All Ordinaries index fell by 2.08% to close at 8,170.4 points, reflecting widespread investor caution and market volatility.
Every sector, except for utilities, experienced losses of at least 1%. The consumer discretionary and property sectors were the hardest hit, both falling by 3%. Among the notable declines, Deep Yellow suffered the most, plunging 19.2%. This came after Kazakhstan’s Kazatomprom, the world’s leading uranium producer, announced an increase in production guidance, which negatively impacted other uranium stocks like Boss Energy, Paladin Energy, and Bannerman Energy.
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