ASX lower as Middle East tensions linger; Banks slump
The Australian sharemarket has extended its losses by lunchtime on Friday after global markets skidded overnight as the ongoing conflict in the Middle East and fears over potential US involvement rattled investors.
The ASX200 fell 53.6 points, or 0.6 per cent, to 8470.1 at 12.10pm AEST, with nine of 11 industry sectors in negative territory, and only energy and tech in the green.
The Australian dollar has added to overnight losses this morning to be 0.1 per cent lower at 64.79 US cents just after midday.
Energy stocks strengthened as oil prices continued to rise. Woodside Energy added 0.5 per cent and Santos jumped 0.3 per cent.
Financial stocks have slumped. ANZ Bank shed 2.3 per cent, Westpac dropped 2 per cent, National Australia Bank retreated 1.3 per cent and Commonwealth Bank lost 1.1 per cent.
Mining stocks are mixed. Fortescue added 0.2 per cent, BHP lost 0.4 per cent and Rio Tinto slipped 0.4 per cent.
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Overnight, trading volumes were thin as Wall Street shut for a public holiday. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9.
The week-old Iran-Israel conflict showed no signs of deescalation.
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