Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Australian Shares Decline 2.9% Weekly, Closing at 7-Week Lows

Stock MarketsJan 21, 2022 16:46
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Oliver Gray 

Investing.com - The ASX 200 closed 2.26% lower on Friday, falling 166.60 points or 2.27% to 7,175.80 and shedding 2.9% weekly for the biggest loss in 14 months as investors reacted to a strong selloff in U.S. equities this week amid an aggressive forecast of monetary policy tightening from the U.S. Federal Reserve.

Among stocks, the Materials sector plunged 3.52%, with Rio Tinto Ltd (ASX:RIO) down 4.14%, BHP Billiton Ltd (ASX:BHP) falling 4.81%, Fortescue Metals Group Ltd (ASX:FMG) dipping 2.1%, while Champion Iron Ltd (ASX:CIA) lost 4.72%, Pilbara Minerals Ltd (ASX:PLS) fell 6.07%, Arizona Lithium Ltd (ASX:AZL) lost 10.81%. Magnis Resources Ltd (ASX:MNS) shed 5.88%, Avz Minerals Ltd (ASX:AVZ) fell 6.88%, Lynas Rare Earths Ltd (ASX:LYC) retreated 7.53%, OZ Minerals Ltd (ASX:OZL) lost 4.28% and Lake Resources NL (ASX:LKE) retreated 6.47%.

Gold miners put in a mixed performance, with Newcrest Mining Ltd (ASX:NCM) down 1.14%, Chalice Gold Mines Ltd (ASX:CHN) falling 6.71%, Evolution Mining Ltd (ASX:EVN) dipping 0.96% and Mineral Resources Ltd (ASX:MIN) losing 3.05%.

Coal miners retreated with New Hope Corporation Ltd (ASX:NHC) down 5.42%, while Whitehaven Coal Ltd (ASX:WHC) lost 6.1% after downgrading its production guidance.

Major financial companies also declined, as Macquarie Group Ltd (ASX:MQG) dipped 3.76%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) lost 1.64%, Commonwealth Bank Of Australia (ASX:CBA) fell 1.26%, National Australia Bank Ltd (ASX:NAB)  lost 1.32% and Westpac Banking Corp (ASX:WBC) fell 0.62%.

On the bond markets, Australia 10-Year yields were at 1.905% while United States 10-Year rates were at 1.772%.

In New Zealand, the NZX 50 lost 1.19% to 12,348.

Australian Shares Decline 2.9% Weekly, Closing at 7-Week Lows
 

Related Articles

Add a Comment

Comment Guidelines

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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email