The benchmark S&P/ASX 200 Index fell 0.8% or 63.6 points to 7908 at midday, following last week’s peak of 8000. The materials, energy, and real estate sectors experienced the steepest declines.

Miners faced significant pressure as copper posted its largest weekly loss since 2022, and iron ore prices continued to slump towards $US100 a tonne after a Chinese policy meeting failed to introduce additional stimulus to support metals demand. BHP shares dropped 0.9%, extending losses from their lowest closing price since 2022 on Friday. Fortescue Metals fell 1.5%, and Rio Tinto declined 0.7%.

South32 shares plummeted over 10% after expressing concerns about the viability of the Worsley alumina refinery due to stricter environmental approvals from the West Australian government, leading the company to record a $US389 million impairment.

Woodside Petroleum fell 3.2% after agreeing to purchase the Gulf Coast Driftwood LNG project near Lake Charles, Louisiana, for $US900 million. CEO Meg O’Neill stated the acquisition “positions Woodside to be a global LNG powerhouse.”

Conversely, Insignia Financial shares rose 3.4%. The company announced expectations that its net revenue margin and earnings before interest, tax, depreciation, and amortisation margin will exceed its upgraded financial year 2024 guidance. Underlying profit for FY24 is projected to be between $212 million and $218 million.