ASX drops 1.4pc, investors take profits on energy stocks

and the first contraction in four months in China’s services activity in September further added nervousness about growth prospects.

“Energy companies globally have had a strong performance this year. They have very strong cash flows, an ability for more MA activities and special dividends,” said George Boubouras, head of research at K2 Asset Management. Heavyweight coal miners eased off record highs. Whitehaven skidded 4.6 per cent to $10.45 and New Hope retreated 2.2 per cent to $6.7.

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