AU Morning Wrap: ASX Extends 12-month Lows; IGO Dives 11% on Poor Lithium Outlook

The autumn pullback in the stock market worsened Friday, pushing the $S&P 500 Index (.SPX.US)$ into a correction and to its worst two-week decline of the year.

The broad stock-market gauge wavered for much of the day before turning lower and losing 0.5% for the session, bringing it down more than 10% from its recent high. A drop in shares of $Chevron (CVX.US)$ and $JPMorgan (JPM.US)$ helped send the $Dow Jones Industrial Average (.DJI.US)$ down 367 points, or 1.1%, to its lowest closing level since March.

The $Nasdaq Composite Index (.IXIC.US)$ eked out a 0.4% gain, though the tech-heavy index finished well off its session highs. The index entered a correction earlier in the week and has fallen for three consecutive weeks.

The $S&P/ASX 200 (.XJO.AU)$ opened 67 points, or 1 per cent, lower at 6759.4. The All Ordinaries is also down 1 per cent.

Early in trade, energy stocks are the worst hit, down 1.8 per cent. Healthcare stocks are also struggling, down 1.7 per cent, amid a 2.2 per cent decline in sector heavyweight $CSL Ltd (CSL.AU)$.

$IGO Ltd (IGO.AU)$: IGO is 11.5 per cent lower at $9.43. Volatility in the lithium sector is likely to hit IGO December sales, with lower prices already affecting the miner’s earnings in the September quarter, according to its latest market update.

$Regal Partners Ltd (RPL.AU)$: Phil King's Regal Partners has dipped 0.3 per cent to $1.88 after confirming it is in talks to buy PM Capital, the funds house operated by Paul Moore.

$Endeavour Group Ltd (EDV.AU)$: Dan Murphy's owner Endeavour Group is 1.8 per cent down to $4.93 after reporting steady revenues in the September quarter. The liquor retailer noted buyers were trading down to cheaper options.

$Bellevue Gold Ltd (BGL.AU)$: West Australian miner Bellevue Gold is the best performing on the benchmark, up 2.7 per cent to $1.50. Bellevue is in the midst of ramping up production at its self-titled project after pouring its first gold last week.

Trading Ex-div: $360 Capital Mortgage REIT (TCF.AU)$, $Gryphon Capital Income Trust (GCI.AU)$, $EZZ Life Science Holdings Ltd (EZZ.AU)$, $KKR Credit Income Fund (KKC.AU)$, $Perpetual Credit Income Trust (PCI.AU)$