The Australian share market has dropped on Monday, with a mega miner taking a hit from going ex-dividend and rising COVID cases rattling the country.Reserve Bank of Australia set for tapering decision tomorrowOnly 66 of the top 200 stocks were advancing with 130 in the red and a handful steady.The latest drop sees Fortescue's share price down 30 per cent from the record high of $26.58 it reached at the end of July.
On the flip side, the strongest performer at midday was bauxite miner Alumina with a gain of 6 per cent. Meanwhile, the Reserve Bank of Australia is set to make a decision on whether it will reduce, or taper, its economic stimulus at its monthly meeting on Tuesday. Analysts are predicting that it will hold off for now as COVID cases continue to rise, locking down Sydney and Melbourne.
"An alternative choice is to continue with taper, but delay the next review until February," ANZ predicted."We would emphasise that this decision is likely to be a close call."
Healthy correction , nothing to do with covid