The Australian sharemarket dropped at midday, tracking losses on Wall Street as investors rushed to the safety of bonds and gold on concerns about the escalating tension in the Middle East. The S&P/ASX 200 slipped 0.3 per cent or 17.4 points to 7039.2. The All Ordinaries slipped 0.2 per cent. Eight out of the 11 industry sectors were in red, led by tech down 2.2 per cent.
5 per cent, Xero lost 2.4 per cent and NEXTDC declined 2.4 per cent. Global lithium giant Albemarle has abandoned its $6.6 billion bid for Liontown Resources at $3 per share. Liontown requested that its shares be placed on hold while it reviews its Kathleen Valley Project funding. Fletcher Building was the worst-performing stock on the ASX 200. Shares plunged 9 per cent after the company came out of a trading halt. Westpac slipped 0.