PEAK ASSET: ARVO WRAP 23 OCTOBER: ASX drops to one-year low as South32 disappoints | Fund managers increase bets against the $A | Latrobe Magnesium boosting team numbers to meet updated project plans |

How was your Monday?

It’s been a busy one @PeakHQ.

The team are headed to Perth tomorrow for our Spotlight Conference.

If you’re in Perth, be sure to swing by!

You can register here.

PS – morning and arvo wraps may be sporadic over the coming days.

Across Markets…

Australian shares ended Monday’s session at the lowest level in a year, mirroring a weaker Wall Street as concerns about a widening of the Middle East conflict dented investor sentiment.

The benchmark S&P/ASX 200 lost 56.6 points, or 0.9 per cent, to 6844.1, extending last week’s decline. The All Ordinaries fell 0.8 per cent to 7030.

Seven out of the 11 sectors were in the red, with materials and energy leading losses. The major banks retreated between 0.1 per cent and 0.9 per cent.

Rio Tinto fell 2.4 per cent to $111.85 and BHP Group declined 2.4 per cent to $43.35. Fortescue Metals slumped 2.7 per cent to $20.81. Santos shaved off 2.5 per cent to $7.81 and Woodside slid 3.2 per cent to $35.19.

Coal stocks took a beating with New Hope, the worst ASX 200 performer, down 8.5 per cent to $5.92. Further undermining its appeal in a session dominated by negative sentiment for anything relating to miners and energy was an ex-dividend trading day.

South32 dropped 3 per cent to $3.27 after flagging a 33 per cent drop in coal production this quarter in a business update.

Whitehaven Coal reversed earlier gains to end the session 0.5 per cent lower at $7.5.

In corporate news, Propel Funeral rallied 2.7 per cent to $4.53 after its board rejected “multiple” buyout offers because they were too cheap.

Immutep jumped 20 per cent to 33¢ after the biotech company published positive clinical trial results for its lung cancer treatment.

Judo Capital tumbled 5.3 per cent to 80¢ as it is seeking to raise $75 million in perpetual subordinated notes.

Treasury Wine Estates rallied 1.4 per cent to $11.93 on hopes China will remove its tariffs on Australian wine.

Source: AFR