Market Wrap / market mayhem

The S&P/ASX 200 continued its decline during Wednesday's trade, ahead of an additional 25% levy on steel and aluminium imports into the US. The index closed at 7,786.2 points, down 1.3%, entering correction territory during the intraday session.

10 out of the 11 sectors closed in the red.

The local miners lost ground as the Trump administration ruled out any exemption on aluminum and steel tariffs. Bluescope shed 0.9% despite positive broker coverage, while aluminium-exposed Rio Tinto recorded a 1.8% decline. 

Amid negative sentiment, all major banks closed in negative territory with index leader CBA down 1.4%.

IAG shares fell 0.4% lower as the insurer confirmed it had received more than 4,000 insurance claims from ex-Tropical Cyclone Alfred.

Bucking the downward trend were gold stocks, along with Telix Pharmaceuticals, which advanced 1.7% as it completed a transaction to expand some cancer treatments.

Tonight, US CPI data takes centrestage.Locally tomorrow, Ingham’s, PWR Holdings and Yancoal are among companies trading ex-dividend.