Australia Market falls as resources drag

The Australian share market finished session lower on Friday, 17 September 2021, on concerns over economic recovery after raise in coronavirus cases across parts of the country. Most of ASX sectors declined, with resources stocks being notable losers on decline in commodity prices like gold and iron ore overnight.

At closing bell, the benchmark S&P/ASX200 declined 56.49 points, or 0.76%, to 7,403.72. The broader All Ordinaries shed 56.84 points, or 0.73%, to 7,702.94.

The bottom performing stocks in this index were FORTESCUE METALS GROUP and IRESS, down 11.48% and 10.72% respectively. The top performing stocks in this index were REDBUBBLE and POINTSBET HOLDINGS, up 6.3% and 6.2% respectively.

Total 6 of 11 sectors were lower along with the S&P/ASX 200 Index. Materials was the worst performing sector, losing 4%, followed by utilities (down 1.9%) and energy (down 1.3%), while information Technology was the best performing sector, gaining 2.1%.

Shares of materials and resources were hit hardest on decline in commodity prices like gold and iron ore overnight. Iron ore shed 6.1% and has now more than halved, down 54% in value since its record highs in mid-May this year. Fortescue Metals Group was down 11.5%. BHP Group shed 3.7% while Rio Tinto was 4.7% weaker.

Energy stocks fell on tracking lower crude oil prices, as more supply came back online in the U.S. Gulf of Mexico following two hurricanes. Whitehaven Coal and Beach Energy led losses, skidding 6.8% and 3.2%, respectively.

CURRENCY NEWS: The Australian dollar changed hands at $0.7315, against an earlier low of $0.7279.

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