AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Late session weakness drags ASX from early gains
- Technology and healthcare sectors under pressure
- Coal miners face continued downturn
The Australian sharemarket faced a turbulent trading session on Friday, with a sharp downturn in the final hour erasing most of the earlier gains. Despite showing strength during mid-day trading, the ASX closed with only a modest increase, reflecting a lack of broad investor confidence in some of the market’s most vulnerable sectors.
Earlier in the afternoon, the ASX had climbed by as much as 0.5%, supported by optimism across select sectors. However, by 3.45pm, the index had pulled back significantly and was just 8.8 points away from dipping into negative territory. A final push managed to keep the benchmark in the green, finishing just 10.3 points higher, or up 0.1%, by 3.55pm.
The downward pressure came primarily from technology, healthcare, and coal mining companies, which collectively weighed heavily on the market. Technology shares, often seen as more sensitive to interest rate movements and global sentiment, were among the most affected. Notably, shares of Xero (ASX:XRO), a cloud-based accounting platform provider, saw declines as the sector faced broad-based selling.
Healthcare stocks, typically seen as defensive, also experienced losses, highlighting the cautious mood across the board. CSL (ASX:CSL), a global leader in biotechnology and blood plasma products, was among the notable names pulling back during the session.
Coal miners continued their recent downtrend amid a combination of falling commodity prices and ongoing environmental concerns. Whitehaven Coal (ASX:WHC), one of Australia’s major coal producers, extended its losses as sentiment around the sector remained subdued.
While other parts of the market attempted to provide some support, the negative sentiment in these underperforming sectors proved too strong to ignore. The late-session volatility suggested that confidence remains fragile, with traders and investors reacting quickly to sector-specific developments and global cues.
The day encapsulated the current state of the market – one marked by short-lived rallies and quick reversals. The performance of key sectors like technology, healthcare, and coal will likely remain under the spotlight as market participants navigate the rest of March, keeping a close watch on external factors such as global interest rate trends and commodity price movements.
