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Australian Shares Dip 0.8%, But Post Largest Weekly Gain in 2 Years

Stock Markets Oct 07, 2022 16:56
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 54.7 points or 0.8% to 6,762.8 during Friday’s trade, retreating for the first session in three and finishing the week with a 4.5% gain as the Energy sector was boosted as the OPEC+ announced large output cuts.

Among stocks, the rate sensitive Real estate sector led the declines, falling 2% as Mirvac Group (ASX:MGR) dipped 2.2%, Charter Hall Group (ASX:CHC) falling 3.1%, Goodman Group (ASX:GMG) down 2.3% and Stockland Corporation Ltd (ASX:SGP) falling 2.1%.

Information Technology also declined 1.8% with Block Inc (ASX:SQ2) down 0.3%, Appen Ltd (ASX:APX) lost 2.4%, Megaport Ltd (ASX:MP1) fell 4.8%, Link Administration Holdings Ltd (ASX:LNK) dipped 1.5% and Brainchip Holdings Ltd (ASX:BRN) shed 1.6%.

Materials fell 1.2% overall, as Rio Tinto Ltd (ASX:RIO) lost 1.4%, BHP Group Ltd (ASX:BHP) dipped 1.7%, Fortescue Metals Group Ltd (ASX:FMG) fell 1.7% and Champion Iron Ltd (ASX:CIA) shed 4.8%.

Meantime, Energy lifted 1% as Woodside Energy Ltd (ASX:WDS) gained 0.2%, Santos Ltd (ASX:STO) added 1.9%, Beach Energy Ltd (ASX:BPT) lifted 0.6% and Viva Energy Group Ltd (ASX:VEA) gained 2.2%.

On the bond markets, Australia 10-Year yields were at 3.857% while United States 10-Year yields were at 3.829%.

In New Zealand, the NZX 50 fell 0.2% to 11,103.8.

Australian Shares Dip 0.8%, But Post Largest Weekly Gain in 2 Years
 

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