Resources drag down the lot

PLUS-1% falls in the Materials and Energy sectors dragged down the rest of the ASX.

Resources drag down the lot Resources drag down the lot Resources drag down the lot Resources drag down the lot Resources drag down the lot

After last night’s performance on the London Metal Exchange, a fall in mining stocks was widely expected today on the ASX.

The ASX 200 closed 0.6% lower, while Metals & Mining was down by 1.9%.

Nickel’s plus-5% drop weighed heaviest on pure play Western Areas, which fell by around the same amount.

Independence Group, Iluka Resources, Lynas Corporation, Yancoal and Sandfire Resources were all down by more than 4% each.

There was also some weakness in the lithium sector, with Pilbara Minerals down by over 9% to A91c, though small-cap Lepidico rose by another 8%, taking gains since the start of this month to 209%.

The stock closed at a record $1.0...

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