ASX falls for third straight session on banks and miners
The benchmark ASX200 dropped 42.5 points or 0.49 per cent to 8,666.9 points on Friday while the broader All Ordinaries lost 45.10 points or 0.50 per cent to close the week at 8,934.30.
Australia's dollar also fell and at the time of writing was buying 65.76 US cents.
The falls were broad based with seven of the 11 sectors ending the day in the red, led by the materials, financials and healthcare sector.
BHP shares fell 1.92 per cent to $40.80, Fortescue shares dropped 3.42 per cent of $18.35 and Rio Tinto traded down 0.83 per cent to $118.86 on the back of a falling iron ore price.
Singapore iron ore futures slumped 1.7 per cent to $103.35.
The drop follows investors fear of an oversupply of the commodity.
The big four banks continued their sell-off with CBA down 0.35 per cent to $172.87, NAB down 0.40 per cent to $37.51, Westpac slumping 0.78 per cent to $33.03 and ANZ down 0.72 per cent to $30.22.
Market heavyweight CSL also fell 0.61 per cent to $267.92, while Sigma Healthcare lost 0.70 per cent to $2.84 and Cochlear slid 0.38 per cent to $312.83.
AMP chief economist and head of investment strategy Shane Oliver said the Australian market fell during the week even though Wall Street continued to reset record highs.
'Resources and health stocks rose but this was more than offset by falls in consumer and financial shares, with CBA coming under after it nearly doubled in price over two years,' he said.
Dr Oliver said the Australian sharemarket was still on track for a solid July up 1.4 per cent so far although the gains could be short lived.
'With lots of good news already factored in and valuations stretched, markets are a bit vulnerable to a correction over the seasonally weaker months of August and September with a long worry list,' he said.
Shares in anti-drone technology business DroneShield slumped 10.09 per cent to $3.03. This was on the back of no announcement and could be investors taking profit after the shares surged more than 300 per cent so far this year.
Bapcor shares gained 1.64 per cent to $3.72 following after tanking nearly 30 per cent to a five-year low on Thursday on the back of its latest earnings forecast.
The Autobarn and Midas owner said statutory net profits after tax would lie between $31m-$34m.
Specialist alternative investment manager Regal Partners surged 9.02 per cent to $2.90 after announcing a 7 per cent increase in funds under management to $17.7bn.
Shares in Newmont also shined, gaining 3.81 per cent to $95.38 after the US gold miner announced a 9 per cent rise in net income for the second quarter and a $4.6bn share buyback program.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
2 hours ago
- Sky News AU
‘The opposite happened': Economic roundtable could dissuade Australians from investing
LNP Senator James McGrath discusses Labor's economic reform roundtable, urging that it will dissuade Australians from investing in the 'productive part of the economy'. 'What the Labor Party doesn't realise is that if people start to cotton on to the fact that Labor is going to come after the money they've worked so hard for, people will no longer invest in the productive part of the economy,' Mr McGrath told Sky News host Steve Price. 'You only have to look at what's happening in the UK at the moment, with the Labour Party there, taxing what's called 'non-doms'. 'They thought they were going to bring billions of pounds of revenue … the opposite happened.'
Sky News AU
2 hours ago
- Sky News AU
‘Australians should be worried': Labor's economic reform roundtable is ‘bonkers'
LNP Senator James McGrath discusses how Australians should be worried about Labor's economic reform roundtable, saying it is 'bonkers' and will only produce 'hair-brained ideas'. 'Australians should be worried,' Mr McGrath told Sky News host Steve Price. 'Those who own their own homes, are of pensionable age, should be worried about organisations, so-called think-tanks, like the Grattan Institute coming up with quite frankly hair-brained ideas like this. 'This is bonkers.'
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
It's a long shot. But Sydney FC should be applauded for having a crack at Thomas Müller
Domestically, the Australian football economy continues to shrink. Club distributions are down from over $3 million per season to an all-time low of $530,000, and so most clubs don't even bother trying to sign big names. It's beyond them, and there is little appetite from club owners to dig their hands even further into their pockets. And when they do, they have to settle for the likes of Douglas Costa, who had already had his run through MLS by the time he washed up at the Sky Blues last season, but has proved to be a worthy signing, or Juan Mata, who was many years past his peak when Western Sydney Wanderers had the chance to grab him - as evidenced by his on-field output. Mata might yet return next season, but if he does, he'll be a luxury add-on for the Wanderers, rather than a key starting player. A-League clubs have largely pivoted towards bringing through academy players - and so they should. They've finally learned how to turn young, homegrown talent into sizeable transfer fees, and flipping kids for cash is the only way they can be sustainable in the long term. It's good for the game, too. It's a shift that is already benefiting the Socceroos and, in turn, will reinforce the A-League's legitimacy as a breeding ground and relevance for the many fans in Australia who follow European football but not the local product. The more that A-League alumni players can reach the top levels, the more it says to the unconverted that our competition is worth keeping a close eye on. But that can't be all that the A-League is, or will be. For one thing, those youngsters need to have hardened pros next to them in the dressing room to learn from. If the A-League was too reliant on experienced players in the past, it now runs the risk of going too far the other way. A careful balance has to be struck. Star power has always been the thing that moves the needle in this country, but it's never been more true than today. As mass culture continues to splinter into a million micro-niches, the need to have something - or someone - with cut-through power is critical. Müller is that sort of someone. And for every player who opts for the megabucks, there might be one per cent of them who are happy to forego those earnings for the glorious Australian lifestyle, of which the appeal to foreigners we sometimes underestimate because we're so lucky to experience it 24/7. Del Piero, don't forget, turned down more money elsewhere - and even a contract offer from Liverpool - because he was so attracted by the wonders of Sydney. Loading To ask the question of Müller is to send a message to the rest of the football world - and to sceptical local fans - that the A-League still has ambition. There's no risk in trying. In fact, the risk is not trying, and never knowing if he might have been the next Del Piero. At worst, you get a polite rejection. At best, you spark the sort of rare moment that can reignite interest in the domestic game, especially at a time when eyeballs are hard to win.
