By Oliver Gray
Investing.com - The S&P/ASX 200 finished Friday’s session down 116.3 points or 1.8% to 6,474.8, falling 6.7% for the week amid growing fears of an economic downturn as central banks across the world raise interest rates to fight stubbornly high inflation.
Among stocks, Materials led the losses, down 2.8% as Rio Tinto Ltd (ASX: RIO ) fell 4.2%, BHP Billiton Ltd (ASX: BHP ) lost 3.4%, Fortescue Metals Group Ltd (ASX: FMG ) dipped 5.3%, Champion Iron Ltd (ASX: CIA ) shed 5.9% and Pilbara Minerals Ltd (ASX: PLS ) fell 1.4%.
Information Technology retreated 2.4% as Block Inc (ASX: SQ2 ) tumbled 7.8%, Appen Ltd (ASX: APX ) fell 1.7%, Megaport Ltd (ASX: MP1 ) lost 1.2%, Novonix Ltd (ASX: NVX ) added 0.8%, Xero Ltd (ASX: XRO ) fell 5.6% and Altium Ltd (ASX: ALU ) gained 0.3%.
Financials dropped 2.2% with Macquarie Group Ltd (ASX: MQG ) down 3%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) dropping 1.6%, Commonwealth Bank Of Australia (ASX: CBA ) down 3.6%, National Australia Bank Ltd (ASX: NAB ) down 1.7% and Westpac Banking Corp (ASX: WBC ) falling 0.7%.
In New Zealand, the NZX 50 was down 0.5% to 10,589.2.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.