ASX drops 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 ASX 200 fell for the third straight day of trading. NewsWire / Christian Gilles Credit: News Corp Australia
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. Seven of the 11 sectors finished in the red. NewsWire / Max Mason-Hubers Credit: News Corp Australia
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.
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