Australia: Shares snap winning streak as gold, miners tumble

AUSTRALIAN shares fell on Friday to snap a four-day winning streak, dragged down by lacklustre performances among miners and gold stocks following weak prices of their underlying assets, although the benchmark was poised to gain about 2 per cent for the week.

The S&P/ASX 200 index was down 0.5 per cent at 6,811.70 points, as of 0002 GMT. The benchmark index closed 0.5 per cent higher on Thursday.

Miners slipped 2.9 per cent as iron ore prices widened losses overnight due to slumping industrial profit and fresh Covid-19 lockdowns in top steel producer China. The mining sub-index was set to mark its worst session in more than a month, if losses hold. The mining trio BHP Group, Rio Tinto and Fortescue Metals Group tumbled between 2.9 per cent and 5.2 per cent.

Gold stocks tracked bullion prices lower and dropped 2 per cent. However, the sub-index was on track for a weekly gain of 6.9 per cent.

Heavyweights Newcrest Mining and Northern Star Resources retreated 1.4 per cent and 1.2 per cent, respectively.

Technology stocks tracked their Wall Street peers lower to drop nearly 2 per cent. ASX-listed shares of Block and software maker Xero were down 1 per cent and 2.8 per cent, respectively. On the upside, financials advanced 0.6 per cent, with three of the country’s largest lenders rising between 0.1 per cent and 0.7 per cent.

SEE ALSO

Australia: Miners, gold stocks push shares to 1-1/2 month high

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Shares of Macquarie Group gained 2.6 per cent following the financial conglomerate’s forecast of higher short-term income from its commodities trading business, after the unit tapped volatile oil and gas prices to boost profit in the first half.

New Zealand’s benchmark S&P/NZX 50 index rose 0.2 per cent to 11,121.76 points. Data showed that the country’s consumer confidence remained unchanged in October. REUTERS