off-the-wire

Australian shares eye worst week since March as financial stocks drag

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 5 (Reuters) - Australian shares fell for a fourth straight session on Friday, with financials leading the declines, as investors remained cautious amid a dim growth outlook and renewed bank contagion fears following signs of stress at another U.S. regional lender. The S&P/ASX 200 index fell 0.2% to 7,175.80 by 0027 GMT. For the week so far, the benchmark is down about 1.7% and is set for its worst weekly fall since mid-March. Financial stocks fell 0.9% on Friday and eyed their worst week in more than two months. National Australia Bank extended losses and fell after over 3%, a day after reporting lower-than-expected half-year profit. ANZ Group Holdings slipped 2.3% after warning of a tough second-half amid stiff competition in retail banking, even as it posted a 22.8% rise in first-half profit.


Its "big four" peers Commonwealth Bank of Australia and Westpac Banking Corp fell 1.2% and 0.8%, respectively. The sentiment was also soured after PacWest Bancorp's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional U.S. banks overnight. Among other sectors, miners dropped 0.6% after iron ore futures hit five-month lows. Sector majors BHP Group and Rio Tinto retreated 0.9% and 1.2%, respectively. Energy stocks fell 0.2%. Oil prices held steady but were set for a third straight week of losses. Gold stocks rose 1% to mark their third consecutive session of gains. Bullion prices were hovering near record highs as U.S. banking concerns accelerated a flight to the safe-haven asset. Newcrest Mining and Northern Star Resources gained about 1.5% and 0.7%, respectively. New Zealand's benchmark S&P/NZX 50 index fell 0.7% to 11,888.80. (Reporting by Himanshi Akhand in Bengaluru; editing by Uttaresh Venkateshwaran)


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