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ASX drops 1.4pc, investors take profits on energy stocks

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Australian shares dropped for the second consecutive session on Monday, led by losses in tech and utilities on worries about global growth.

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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