Australian Market Sharply Lower

(RTTNews) - The Australian stock market is sharply lower on Friday, extending the losses in the previous four sessions, with the benchmark S&P/ASX 200 falling below the 7,000 mark, following the broadly negative cues from global markets overnight, with weakness across most sectors, led by heavyweight mining stocks and technology stocks.

The benchmark S&P/ASX 200 Index is losing 77.80 points or 1.10 percent to 6,987.80, after hitting a low of 6,957.20 earlier. The broader All Ordinaries Index is down 80.20 points or 1.10 percent to 7,386.40. Australian markets ended sharply lower on Thursday.

Among major miners, BHP Group and Fortescue Metals are losing more than 2 percent each, while Mineral Resources is slipping almost 2 percent and Rio Tinto declining almost 3 percent. Oil stocks are mostly lower. Santos is losing almost 2 percent, while Beach energy and Woodside Energy are declining almost 1 percent each. Origin Energy is edging up 0.5 percent. Among tech stocks, Afterpay owner Block is losing more than 3 percent, WiseTech Global is declining more than 1 percent and Xero is slipping more than 2 percent, while Appen is edging up 0.4 percent and Zip is adding almost 2 percent.

Among the big four banks, Commonwealth Bank is losing 1.5 percent, National Australia Bank is down almost 1 percent, Westpac is down more than 1 percent and ANZ Banking is slipping almost 2 percent. Gold miners are mostly lower. Northern Star Resources is losing almost 2 percent, Resolute Mining is slipping almost 4 percent, Gold Road Resources is declining almost 3 percent, Newcrest Mining is down almost 1 percent and Evolution Mining falling more than 1 percent.

In other news, shares in Costa Group are surging almost 7 percent after the fruit and vegetable processor accepted a $3.20 cash per share takeover offer by US buyout company Paine Schwartz Partners.

In the currency market, the Aussie dollar is trading at $0.641 on Friday.

On Wall Street, stocks moved sharply lower over the course of the trading day on Thursday, extending the sell-off seen late in the previous session. The major averages all posted steep losses on the day, with the tech-heavy Nasdaq plunging to its lowest closing level in over three months.

The major averages saw further downside going into the close, ending the day just off their lows of the session. The Nasdaq plummeted 245.14 points or 1.8 percent to 13,223.98, the S&P 500 dove 72.20 points or 1.6 percent to 4,330.00 and the Dow tumbled 370.46 points or 1.1 percent to 34,070.42.

The major European markets also saw significant weakness on the day. While the French CAC 40 Index plunged by 1.6 percent, the German DAX Index tumbled by 1.3 percent and the U.K.'s FTSE 100 Index fell by 0.7 percent.

Crude oil prices recovered from early weakness on Thursday amid concerns about tight supplies after Russia imposed a ban on fuel exports. However, the contract failed to hold gains and ended slightly down. West Texas Intermediate Crude oil futures for November settled at $89.63 a barrel, down $0.03, despite rallying to $90.98 from a low of $88.37 a barrel.