Reuters' explanation:
"Major miners Rio Tinto (RIO) and BHP (BHP) fell 1.5 percent and 0.7 percent respectively after Australian media on Sunday reported that both firms could be hit by an iron ore tax in Western Australia... (FMG) shed 3 percent on persistent weakness in ore prices... Financial stocks extended a four-week losing streak, mainly hurt by government's early-May announcement that it was placing a levy on deposits for the country's biggest banks..."
Personally, I expect iron ore prices to stay low. And taxes and levies can keep negative sentiment going even though the effects might not be big in practice. Given that it's also May, I reckon it would take a fairly strong move overseas to make the XJO bounce strongly this week.
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Last
8,580.1 |
Change
-9.100(0.11%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,589.2 | 8,619.8 | 8,568.2 |
| XJO (ASX) Chart |