The four major banks fell with CBA, Westpac and ANZ hitting their lowest level in a year in another horrible week for financial stocks.
The CBA fell 3.6 percent to $ 87.26, the ANZ fell 1.6 percent to $ 21.17 and Westpac fell 0.7 percent to $ 19.19 . NAB fell 1.7% to $ 25.92.
The banks’ actions have been criticized for worrying that the more aggressive tightening of the Reserve Bank of Australia will lead to an increase in bad debts, higher financing costs and more difficult times in the mortgage market.
The Macquarie Group fell 3 percent to $ 159.7, but Magellan bounced 1.8 percent to $ 12.48.
Humm shares fell 21.7 percent to 45 ¢ after Latitude Financial modified its merger plans with Humm Group. Humm director Andrew Abercrombie, the company’s largest shareholder, told shareholders to expect a better deal, saying the deal underestimated Humm’s consumer finance assets.
Falling oil prices weighed on energy stocks due to demand concerns after US and European central banks raised interest rates this week, some by amounts that impacted markets, and hinted at that even higher borrowing costs to tame rising inflation.
Santos was down 2.9% to $ 7.79, Woodside was down 0.9% to $ 31.92 and Beach Energy was down 1.2% to $ 1.69. Brent crude oil futures fell 0.3% to $ 119.46 a barrel and West Texas Intermediate (WTI) crude fell 0.4% to $ 117.16 a barrel, despite persistence supply tightness and new sanctions on Iran limited the disadvantage.
Washington has imposed sanctions on Chinese and UAE companies and a network of Iranian companies that help export petrochemicals from Iran.
It was also a tough session for the mining giants due to falling iron ore prices after Chinese steel mills cut production amid weak profits and lower demand.
China’s plans to consolidate the country’s iron ore imports through a new centrally controlled group later this year have not helped, as Xi Jinping’s administration seeks to increase Beijing’s price power. about the industry.
Rio Tinto suffered 4.2 percent to $ 107.01 and the BHP group lost 3.4 percent to $ 42.52. Fortescue Metals fell 5.2% to $ 18.6. Fortescue CEO Andrew Forrest assured investors that his low-cost base and green energy plans put him in a good position to withstand the storm of rising borrowing costs. inflation and slower growth.
But gold miners were among the few stocks that enjoyed profits. Evolution Mining shot up 5.4% to $ 3.69. Santa Barbara rose 6.1 percent to $ 1.21, and Northern Star Resources rose 5.1 percent to $ 8.6.
Bubs Australia’s infant and dairy formula company rose 9.1% after a substantial increase in its tax revenue and earnings expectations amid strong demand in China and the chronic shortage of formula supplies in China. USA.
Technology stocks fell further with Afterpay owner Block Inc falling 7.8% to $ 81, followed by Xero up 5.6% to $ 73.52 and Life 360, a 4.2% to $ 2.51.
Participation in G8 Education rose 0.5% in plans to raise rates. The Gold Coast-based G8, which has more than 450 centers marketed by brands such as Pelican Childcare and Kinder Haven, has been raising rates by an average of 3.5 percent since July, as prices have already risen a 6 percent in January to increase margins.
Shares of cattle and beef producer Australian Agricultural Company rose 9.9 percent to $ 2.22 after Andrew Forrest’s family doubled its stake in the company, eliminating Paul Holmes’ Heytesbury in Court on a secondary market trip.
The biggest laggard in the index was automotive product designer, maker and distributor GUD Holdings down 19.6% to $ 7.3 after lowering its focus due to disruptions in the supply chain. supply.