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ASX 200 drops 1.1%

ASX 200
Credit: Cimexus

The S&P/ASX 200 Index (ASX: XJO) dropped by 1.1% today to 6,607 points.

Over in US political news, it seems the US Democratic Party is poised to win the US senate with wins in Georgia.

Here are some of the highlights from the ASX:

Oil rises

The oil price rose after it was reported that Saudi Arabia is going to cut oil production. According to reporting by various media, such as the Australian Financial Review, Saudi Arabia is going to cut 1 million barrels of oil a day of production.

This caused the oil price to rise by around 5% to a 10-month high because the global oil market will receive less supply than what was expected.

The best-performing business ASX 200 share was Oil Search Ltd (ASX: OSH). The Oil Search share price went up by 5.7%. Other oil producers also climbed today. The Beach Energy Ltd (ASX: BPT) share price went up around 2%. The Woodside Petroleum Limited (ASX: WPL) share price rose by 1.7%. Finally, the Santos Ltd (ASX: STO) share price rose by around 2%.

Biggest market risers

Other than Oil Search, there were a few other businesses that rose by more than 4%. One of the best performers was the Pilbara Minerals Ltd (ASX: PLS) share price which saw an increase of around 7%.

Another one in the green was the IGO Ltd (ASX: IGO) share price which went up by 4.4%. The Genesis Energy Ltd (ASX: GNE) share price went up by 4.4%. The Contact Energy Limited (ASX: CEN) share price grew by around 4%.

Within the ASX 200, Oil Search and IGO were the best performers. The Worley Ltd (ASX: WOR) share price went up 3.6%, the AMP Limited (ASX: AMP) share price went up 2.3% and the Incitec Pivot Ltd (ASX: IPL) share price rose by 2.2%.

Biggest market declines

Many of the ASX 200’s biggest businesses declined today. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price fell 0.8%, the BHP Group Ltd (ASX: BHP) share price fell 0.2%, the Commonwealth Bank of Australia (ASX: CBA) share price declined 0.4%, the CSL Limited (ASX: CSL) share price declined 2.5%, the National Australia Bank Ltd (ASX: NAB) share price dropped 1.2%, the Rio Tinto Ltd (ASX: RIO) share price fell 1.7% and the Wesfarmers Ltd (ASX: WES) share price declined 1.5%.

The biggest declines in the ASX 200 were all more than 4.5%. The Nanosonics Ltd (ASX: NAN) share price dropped 7.1%, the Polynovo Ltd (ASX: PNV) share price fell 6.4%, the Bravura Solutions Ltd (ASX: BVS) share price dropped 4.7%, the Megaport Ltd (ASX: MP1) share price dropped 4.7% and the Premier Investments Limited (ASX: PMV) share price went down 3.1%.

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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd., Nanosonics Limited, and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd and Premier Investments Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended MEGAPORT FPO and Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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