The Australian share market closed lower on Friday, despite Wall Street’s main indices setting fresh records and Reddit debuting on the market with a massive share price jump. The S&P/ASX 200 Index fell 11.4 points or 0.2 per cent to 7770.6 at the close, with seven out of the 11 sectors trading in the red. The decline was primarily attributed to losses in energy and mining stocks. The Australian dollar was down 0.62 at 65 US cents at the market close.
Mining and energy stocks were the primary drag on the ASX 200, with some of the worst performing stocks being Genesis Minerals, Audinate Group, Bellevue Gold, and other companies in these sectors. On the other hand, Fisher & Paykel Healthcare, Virgin Money UK, and Goodman were among the best performing stocks. Fisher & Paykel Healthcare saw a significant surge of 7.71 per cent after the company upgraded its profit forecast. Virgin Money UK and Goodman also posted gains of 4.05 per cent and 3.39 per cent, respectively. The ASX 200 ended the week down 0.15 per cent at close on Friday to 7770, despite the 1.3 per cent gain it achieved throughout the week, thanks to strong gains on Thursday.
Despite the Australian share market’s downturn, Wall Street continued its ascent into record territory. The Australian dollar remained relatively flat against the US dollar, fetching US65.27¢ at 4.15pm AEDT. Lower gold and oil prices further contributed to the market’s retreat on Friday. However, the overall performance of the ASX 200 for the week ended on a positive note, with a 1.3 per cent gain attributed to strong gains on Thursday. While energy companies and miners weighed down the market on Friday, the week’s performance showed resilience in the face of these challenges.
The ASX 200 will continue to be closely watched in the coming week, with market participants eager to assess whether the positive momentum from Thursday’s gains can be sustained. This, along with ongoing developments in energy and mining sectors, will shape the market sentiment in the days ahead.
