By Oliver Gray
Investing.com - The S&P/ASX 200 fell 40.60 points or 0.57% to 7,110.80 during Friday’s session, ending 1.6% higher for the week as investors weighed surging commodity prices, a worsening situation in Ukraine and growing inflation pressures as policymakers prepare to hike rates from historic lows.
Among stocks, the Technology sector was worst hit, down 3.58% as Megaport Ltd (ASX:MP1) lost 3.06%, Brainchip Holdings Ltd (ASX:BRN) shed 8.64%, Altium Ltd (ASX:ALU) lost 3.55%, Xero Ltd (ASX:XRO) fell 2.48% and Nextdc Ltd (ASX:NXT) lost 2.09%. Meantime, Block Inc (ASX:SQ2) declined 9.23% and Zip Co Ltd (ASX:Z1P) fell 8.02%.
Materials finished down 0.35%, with Rio Tinto Ltd (ASX:RIO) falling 1.01%, BHP Billiton Ltd (ASX:BHP) down 0.24%, Fortescue Metals Group Ltd (ASX:FMG) falling 0.88%, Champion Iron Ltd (ASX:CIA) down 1.45%, Pilbara Minerals Ltd (ASX:PLS) losing 4.73% and Lake Resources NL (ASX:LKE) shedding 6.16%.
Energy fell 1.08% collectively despite oil prices extending gains. Woodside Petroleum Ltd (ASX:WPL) added 0.26%, Santos Ltd (ASX:STO) lost 1.02%, Beach Energy Ltd (ASX:BPT) fell 0.89% and Viva Energy Group Ltd (ASX:VEA) lost 1.98%.
Financials lost 0.66% as Commonwealth Bank Of Australia (ASX:CBA) added 0.1%, Macquarie Group Ltd (ASX:MQG) lost 0.41%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) fell 1.21%, National Australia Bank Ltd (ASX:NAB) declined 0.76% and Westpac Banking Corp (ASX:WBC) fell 1.16%.
Meantime, the Consumer Staples sector outperformed, up 1.17% as Woolworths Ltd (ASX:WOW) added 2.05% and Coles Group Ltd (ASX:COL) gained 1.24%
On the data front, Retail sales in Australia increased by 1.8% month-on-month in January, unrevised from the flash figure after slumping 4.4% last month.
On the bond markets, Australia 10-Year yields were at 2.147% while United States 10-Year rates were at 1.794%.
In New Zealand, the NZX 50 was 0.57% lower at 12,141.