Afternoon trading January 16

Thanks @shovel40, @Fiji1, @Patterns and morning crew.

Half-time wrap:

The share market slumped to its lowest in almost four weeks as a decline in iron ore prices and doubts about the timing of global rate cuts sapped buyer enthusiasm.

The ASX 200 dropped 72 points or 0.96% by mid-session to 7424, a level last seen in the run-up to Christmas.

The utilities, materials and energy sectors led a retreat that lowered all sectors. South32, Fortescue Metals, Rio Tinto and Santos were the worst of the heavyweight drags, shedding between 1.72% and 4.07%.

Today's weakness followed a soft night on European markets as central bank officials pushed back against expectations interest rates could fall as soon as March. The Stoxx 600 shed 0.46%. Wall Street was closed for a public holiday.

Back home, consumers remain gloomy about the economic outlook, according to a survey. The Westpac-Melbourne Institute consumer confidence index fell 1.3% this month to 81 points.


Personal trading: Busy morning. Got a terrific bounce trade out of TGP. Nothing else went as smoothly. In and out of WML for brokerage. Waiting for any sort of recovery in AEE, 1AE and LOV (broker downgrade).