By Oliver Gray
Investing.com - The S&P/ASX 200 fell 159.10 points or 2.16% to 7,205.60 during Friday’s session, posting losses of 3.3% for the week, the largest decline in 16 months.
Among stocks, Information Technology plunged 4.5% overall, as Megaport Ltd (ASX: MP1 ) fell 5.2%, Novonix Ltd (ASX: NVX ) lost 7.4%, Altium Ltd (ASX: ALU ) dipped 4.6%, Xero Ltd (ASX: XRO ) dropped 9.1% and Wisetech Global Ltd (ASX: WTC ) shed 5.6%.
Real estate companies fell 3.5% collectively, with Mirvac Group (ASX: MGR ) down 2.6%, Charter Hall Group (ASX: CHC ) falling 4.1%, Goodman Group (ASX: GMG ) down 4.7% and Stockland Corporation Ltd (ASX: SGP ) dipping 3.9%.
Materials finished 2% lower as Rio Tinto Ltd (ASX: RIO ) fell 2.1%, BHP Billiton Ltd (ASX: BHP ) lost 1.4%, Fortescue Metals Group Ltd (ASX: FMG ) finished flat at $20.83, Lake Resources NL (ASX: LKE ) shed 6.5%, Avz Minerals Ltd (ASX: AVZ ) dipped 7.1% and OZ Minerals Ltd (ASX: OZL ) lost 4.7%.
In policy news, the Reserve Bank of Australia released its quarterly statement on monetary policy today, with policymakers raising their expectations for price increases while trimming some GDP growth forecasts.
Australia’s economic growth is now expected to slow to 3.5%, down from 4.2% for 2021 and lower than the 5% predicted in the February statement. The RBA also forecasts underlying inflation to peak in December at 4.6% and fall within the target range of 2-3% by the middle of next year.
In New Zealand, the NZX 50 lost 1.2% to 11,609.
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.