End-of-day summary:
Shares fell for a second session as iron ore prices continued to decline and Woolworths lost its CEO.
The ASX 200 dropped 51 points or 0.66% to 7608. The consumer staples sector led the retreat, falling more than 4.2% after Woolworths announced the departure of CEO Brad Banducci after eight years at the helm. The surprise resignation comes as the major supermarkets face accusations of price gouging.
Woolworths shares dived 6.61% as Banducci's departure was compounded by writedowns and a first-half loss of $781 million. Coles shed 4.24%. IGA owner Metcash lost 0.55%.
Mining stocks were the day's other major drag as iron ore dropped for a third day in China since markets reopened after the Lunar New Year break. The most active ore contract was this afternoon down 1.4% on the Dalian Commodity Exchange, following yesterday's 5.41% plunge. Rio Tinto, BHP and Fortescue Metals lost between 1.75% and 3.4%.
US stock futures traded modestly lower ahead of earnings tonight from market-leader Nvidia. S&P 500 futures eased 0.13%. The broadest of the three major indices lost 0.6% overnight.
