07.11.202506:51:24UTC+00Australian Stocks Finish at Six-Week Low

On Friday, the S&P/ASX 200 fell by 0.7% to settle at 8,770, reaching its lowest point in more than six weeks. This downturn was primarily influenced by a notable decline in shares of leading investment bank Macquarie, alongside overall weakness in major lending institutions. Over the week, the index recorded a 1.3% decrease, marking its second consecutive weekly drop.

Macquarie's shares plummeted by 5.7%, hitting a six-month low following a disappointing first-half profit report. The firm was impacted by a downturn in its commodities and markets trading division, which adversely affected the broader financial sector, causing a 1.3% decline on the day. Despite this, the sector still achieved a 1.4% weekly gain, buoyed earlier by strong performances from Commonwealth Bank and Westpac, both of which later fell by 1.5% and 1.8% respectively.

Resource stocks also experienced a decrease, with the sector down by 0.7% as gold prices stalled and iron ore prices continued to fall. Major players BHP and Rio Tinto saw their shares decline by 0.8% and 1.3%, respectively. In the technology sector, there was a 2.3% fall to a six-month low, mirroring a retreat in Wall Street, as investors reevaluated the high valuations associated with AI-focused companies.