Australian Shares Fall 3.1% for the Week

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Australian Shares Fall 3.1% for the Week
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 finished Friday’s session up 7.20 points or 0.10% to 6,997.80, posting declines of 3.1% for the week, with cautious investors monitoring an ongoing invasion of Ukraine by Russian forces while local sentiment was aided by strong corporate earnings.

Among stocks, Block Inc (ASX: SQ2 ) surged 32.49% after the company reported results overnight, lifting the Technology sector 8% collectively. Zip Co Ltd (ASX: Z1P ) added 6.25%, Appen Ltd (ASX: APX ) gained 8.67%, Novonix Ltd (ASX: NVX ) lifted 5.39%, Brainchip Holdings Ltd (ASX: BRN ) added 4.74% and Wisetech Global Ltd (ASX: WTC ) gained 5.45%.

Financials finished 1.11% lower overall, with Magellan Financial Group Ltd (ASX: MFG ) shedding 10.11% per cent after it revealed net outflows of $3.2 billion between February 11 and 23. Macquarie Group Ltd (ASX: MQG ) added 1.48%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) dipped 2.17%, National Australia Bank Ltd (ASX: NAB ) lost 1.6%, Westpac Banking Corp (ASX: WBC ) fell 1.3% and Commonwealth Bank Of Australia (ASX: CBA ) dipped 0.88%

On the bond markets, Australia 10-Year rates were at 2.232%, while United States 10-Year yields were at 1.958%.

In new Zealand, the NZX 50 rebounded 1.62% to 11,923.

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