Australian shares dropped 1.5% on Friday, and were on track for their worst week in 1-1/2 years, with miners leading the losses, while financials were poised to post their first weekly decline in more than four months.
The S&P/ASX 200 index was down 1.5% at 7,597.3 points, as of 0034 GMT.
The benchmark index was on track to record its biggest weekly drop since September 2022.
A volatility in commodity prices has weighed heavily on the resource-heavy bourse over the past week, with iron ore prices trading at nearly seven-month lows amid demand concerns in top consumer China, which adversely impacts local miners.
Heavyweight miners fell as much as 2.5% and were set for their biggest weekly loss since mid-January as iron ore prices declined further on Friday.
Mining behemoths BHP and Rio Tinto declined 1.7% and 2.3%, respectively.
Australian financials dropped 1.8% and have dropped nearly 5% so far this week. The sub-index was on track to post its first weekly decline since November 2023.
The ‘Big Four’ banks dropped between 1.7% and 3%. Gold stocks slipped 2% as a firmer US dollar made greenback-priced bullion more expensive for overseas buyers.
Australian shares tick higher as banks gain
Sector major Northern Star Resources slid 3.3% while the ASX-listed shares of Newmont Corporation lost 1%.
Technology and healthcare sub-indexes dropped 1.2% each.
Bucking the sombre mood, energy companies gained 0.5% on higher crude oil prices, but were set for their biggest weekly fall since February.
Woodside Energy jumped 0.3% while Santos climbed 0.6%.
New Zealand’s benchmark S&P/NZX 50 index slid 0.5% to 11,745.09 points.
The index was set for its worst week since mid-January, if losses hold.
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