Banks and miners drag market to worst week in months
By Adrian Black
Australia's share market has finished the week lower as earnings season gathers pace. -AAP Image
Australia's share market has posted its worst week since April as investors take money off the table amid softer commodity prices and earnings uncertainty.
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The S&P/ASX200 fell 73.3 points on Friday, down 0.8 per cent, to 9,115.2, as the broader All Ordinaries lost 68.2 points, or 0.73 per cent, to 9,313.2.
The top-200 was down 1.6 per cent for the week, led by a sharp dip in financials stocks. Housing market worries impacted bank stocks, while retreats in copper and gold prices weighed on miners.
Earnings season has delivered a mixed bag of beats and misses and with valuations near all-time highs, investors have set high bars to warrant further buying at these prices.
The Australian dollar is buying 70.67 US cents, up from 70.45 US cents, as a softening US interest rates outlook keeps the greenback in check against most major currencies.
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