Australian Shares Decline 0.7% for the Week

  • Stock Market News
Australian Shares Decline 0.7% for the Week
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 tumbled 119.50 points or 1.57% to 7,473.30 during Friday’s deals, posting the biggest daily declines since February and retreating from near record highs as U.S. Federal Reserve policymakers indicated a more aggressive stance on rate increases.

Among stocks, Materials companies shed 3.1% collectively, as Rio Tinto Ltd (ASX: RIO ) lost 2.4%, BHP Billiton Ltd (ASX: BHP ) fell 4.4%, Fortescue Metals Group Ltd (ASX: FMG ) lost 1.2%, Pilbara Minerals Ltd (ASX: PLS ) dipped 3.2% and Lake Resources NL (ASX: LKE ) declined 1.9%.

Information Technology dropped 2.5% as Block Inc (ASX: SQ2 ) dropped 6.5%, Megaport Ltd (ASX: MP1 ) shed 9.7%, Brainchip Holdings Ltd (ASX: BRN ) fell 8% and Computershare Ltd. (ASX: CPU ) lost 1.4%.

Energy fell 2.5% as Woodside Petroleum Ltd (ASX: WPL ) lost 2.7%, Santos Ltd (ASX: STO ) fell 2.6% and Beach Energy Ltd (ASX: BPT ) lost 2.4%

Financials also finished 1.7% overall as Macquarie Group Ltd (ASX: MQG ) dipped 1.6%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 0.8%, National Australia Bank Ltd (ASX: NAB ) fell 1.4%, Westpac Banking Corp (ASX: WBC ) dipped 1.2% and Commonwealth Bank Of Australia (ASX: CBA ) lost 2.8%.

On the bond markets, Australia 10-Year rates were at fresh 7-year highs of 3.129% while United States 10-Year yields were at 2.918%.

In New Zealand, the NZX 50 lost 0.4% to 11,908.

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