AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX 200 extends losses, weighed down by declines in technology and banking sectors.
- Commonwealth Bank (ASX:CBA) drops 3.6%, leading financial stocks lower.
- Insignia Financial (ASX:IFL) surges 11.6% amid an intensifying bidding war.
The Australian stock market faced another downturn on Friday, inching closer to the 8000 mark as broader concerns over shifting U.S. trade policies weighed on investor sentiment. The S&P/ASX 200 opened 1% lower, dropping 82.1 points to 8012.6, continuing its three-day slide. All 11 sectors were in the red, with technology and banking stocks leading the decline.
Wall Street Woes Spill Over to ASX
U.S. markets saw volatility as traders responded to fluctuating trade tariff policies from Washington. Despite an initial pause on 25% tariffs on some Mexican imports, uncertainty lingered as Canada was also mentioned for a potential reprieve. The S&P 500 tumbled 1.8%, while the Nasdaq dipped 10% from its record high in December, affecting major players like Nvidia, Tesla, and Netflix, all of which fell more than 5%.
These concerns reverberated in the Australian market, where technology stocks took a hit. WiseTech (ASX:WTC) declined 2.9%, while Xero (ASX:XRO) lost 2.4% as investors adopted a cautious stance.
Banking Stocks Extend Losses
Financial stocks continued their downward trajectory, dragging the index further into negative territory. Commonwealth Bank (ASX:CBA) fell 3.6%, marking a significant pullback. Westpac (ASX:WBC) retreated 2.4%, following the resignation of Jason Yetton, head of retail banking, making him the third senior executive to exit since September.
Insurance stocks were also under pressure, with concerns mounting over the potential financial impact of Tropical Cyclone Alfred on insurance premiums. The ASX financial sector is now on track for a 4% loss this week.
Energy Stocks Show Resilience
Despite Brent crude trading below $70 per barrel, energy stocks managed to keep losses in check. Woodside Energy (ASX:WDS) edged down 0.7%, and Santos (ASX:STO) slipped 0.7%, as the sector showed relative resilience compared to other segments.
Corporate Movers: Insignia Financial Soars
In corporate news, a bidding war for Insignia Financial (ASX:IFL) intensified as private equity firms Bain and CC Capital increased their offer to $5 per share, valuing the company at $3.4 billion. The stock surged 11.6% at the open.
Elsewhere, Spartan Resources (ASX:SPR) declined 0.7% after reporting nearly double losses in the half-year period, driven by higher royalty expenses and a $25 million investment in exploration.
Orica (ASX:ORI) saw a 0.7% gain, despite warning of a $300 million to $350 million restructuring cost linked to its Latin American and EMEA operations.
Meanwhile, PolyNovo (ASX:PNV) slid 2.2%, following reports that its CEO Swami Raote would depart amid allegations of workplace misconduct involving chairman David Williams.
With volatility persisting in both local and global markets, investors continue to assess the broader impact of economic and geopolitical developments.
