Australian Shares Decline 2.9% Weekly, Closing at 7-Week Lows By Investing.com

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

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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.

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