ASX drops as all but one sector decline [Video]

Proactive’s Tylah Tully provides a market wrap for October 16.

The ASX closed 0.41% lower today at 8,284.7 points. Despite the decline, the index has gained 1.19% over the last five days and remains 0.56% below its 52-week high.

The top-performing stock was Evolution Mining, which saw an increase of 6.82%, closing at $5.01 per share. Conversely, IDP Education continued its decline for the second day, dropping 5.04% to $13.00 per share.

Sector performance was mixed, with Financials gaining 0.27%, marking its second consecutive day of growth. However, Information Technology fell 1.35%, followed by Utilities down 1.21% and Consumer Staples decreasing by 1.16%.

In the small-cap sector, Nyrada (ASX:NYR) rose by 36%, adding more than 3.5 cents to its share price. Resolution Mining and MRG Metals (ASX:MRQ) both increased by 33%.

A major mover in the small caps sector was Mako Gold Ltd (ASX:MKG), which was up as much as 77.78% to $0.016 on the back of a merger proposal with Aurum Resources …