Market report September 4: ASX drops 1.91% amid weakest economic growth since pandemic

Proactive’s Tylah Tully gives a market wrap for the 4th of September.

The ASX dropped 1.91%, closing at 7,950.5 points, now 2.45% below its 52-week high, after a 1.52% decline over the past five days. The market reacted to weakened economic data, with Australia's seasonally adjusted GDP growing by just 0.2% in the June quarter and 1.5% for the 2023-24 financial year. This represents the weakest annual growth outside the pandemic since 1991-92.

The ABS reported that, while this marked the 11th consecutive quarter of growth, the pace has significantly slowed. All sectors on the ASX were affected, with the Energy, Info Tech, and Materials sectors facing the largest declines, down as much as 2.96%.

Among individual companies, uranium company Deep Yellow fell by 8.84% to 98 cents per share, while Fortescue dropped 8.47%, trading at $16.20 per share.

On the positive side, Orora saw a 7.2% gain, closing at $2.68 per share, after announcing the acquisition of North American packaging solutions company OPS for AUD 1.775 billion.

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