Australia’s share market has snapped a three-week winning streak after surging oil prices and tremors in the artificial intelligence narrative hammered resource stocks.
The S&P/ASX200 rose two points on Friday, up 0.02 per cent, to 8795.2, but was down 0.13 per cent for the week, as the broader All Ordinaries lost 11.3 points, or 0.13 per cent, to 8905.8 in the final session.
Raw materials stocks have dragged the bourse lower, the segment dropping almost eight per cent since Monday and down almost 20 per cent from late August’s all-time highs.
A rebound in the heavyweight financials sector helped limit damage at the index level, as dip-buyers sought shelter in recently neglected bank stocks.
The Australian dollar is buying 70.05 US cents, down from 70.12 US cents on Thursday at 5pm.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
