ASX 200 Extends Heavy Early Losses Amid Broad Market Weakness

(RTTNews) – The Australian stock market continued its downward trajectory on Friday, extending early losses into the mid-session following negative cues from Wall Street overnight. The benchmark S&P/ASX 200 fell significantly below the 8,750 level, with broad-based weakness led by technology and mining stocks.

As of mid-morning, the S&P/ASX 200 Index dropped 169.20 points, or 1.90%, to 8,720.00, having touched an intraday low of 8,714.10. The broader All Ordinaries Index fell 187.20 points, or 2.05%, to 8,967.70, following a notably lower close on Thursday.

Among major miners, Rio Tinto dipped 0.4%, BHP Group declined nearly 3%, Fortescue lost almost 1%, and Mineral Resources plunged over 4%.

Oil stocks weakened, with Santos slipping over 1%, Woodside Energy down nearly 2%, Origin Energy losing almost 1%, and Beach Energy declining close to 4%.

Tech stocks faced heavy selling, with Afterpay-owner Block dropping nearly 7%, WiseTech Global slipping almost 5%, Zip sliding close to 6%, Xero losing over 2%, and Appen tumbling nearly 9%.

Among the big four banks, ANZ Banking and National Australia Bank fell over 1% each, while Commonwealth Bank and Westpac edged down 0.1%.

Gold miners were also under pressure, with Evolution Mining and Northern Star Resources losing over 2% each, while Newmont and Genesis Minerals tumbled over 6%. Resolute Mining fell nearly 2%.

In other news, REA Group shares plummeted over 10% after its first-half financial results fell short of analysts’ expectations.

Web Travel Group shares fell nearly 29% after the hotel room aggregator announced that the Special Delegation of the Balearic Islands of the Spanish Tax Agency had commenced an audit of its Spanish subsidiary.

In the currency market, the Australian dollar was trading at $0.694 on Friday.

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