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Australian shares trade at weekly lows, miners drag
Published Apr 21, 2023 11:11
© Reuters.
By Oliver Gray
Investing.com - The S&P/ASX 200 fell 25.3 points or 0.3% to 7,336.9 during Friday's first 90 minutes of trade, falling to weekly lows as mixed quarterly results from both local and U.S. companies sapped risk appetite.
ASX 200 Futures were pointing 0.1% higher.
Among stocks, materials were down 0.9% overall with Rio Tinto Ltd (ASX:RIO) dipping 1.9%, Fortescue Metals Group Ltd (ASX:FMG) down 1.1%, Champion Iron Ltd (ASX:CIA) losing 1% and Pilbara Minerals Ltd (ASX:PLS) falling 0.4%.
BHP Group Ltd (ASX:BHP) dipped 1.6% after its quarterly production update, flagging lower production from its iron ore and coking coal division, while cutting production targets for Australian nickel and Chilean copper mines.
Financials declined 0.8% collectively, with Commonwealth Bank Of Australia (ASX:CBA) down 1.1%, ANZ Group Holdings Ltd (ASX:ANZ) falling 0.7%, National Australia Bank Ltd (ASX:NAB) down 1.2% and Westpac Banking Corp (ASX:WBC) slipping 1%.
Information Technology remained flat over with Block Inc (ASX:SQ2) down 0.7%, Appen Ltd (ASX:APX) dipping 1.2%, Brainchip Holdings Ltd (ASX:BRN) slipping 0.6% and Novonix Ltd (ASX:NVX) shedding 2%.
On the data front, preliminary Manufacturing and Services PMIs came in above expectations at 48.1 and 52.6 respectively.
On the bond markets, 10-year rates were at 3.478%.
In New Zealand, the NZX 50 flat at 11,884.8.
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