Australian Shares Post 3rd Weekly Drop

2026-03-20 06:18 By Joshua Ferrer 1 min. read

The S&P/ASX 200 fell 0.8% to close at 8,428 on Friday, marking a fresh four-month low and a 2.2% weekly decline, its third straight loss as weakness in banks and miners weighed on the market.

The heavyweight mining sector slid 1.5%, as iron ore, aluminium, and copper prices tumbled.

Shares of mining giants BHP Group and Rio Tinto fell 1.8% and 2.9%, respectively.

Gold stocks also came under heavy pressure as bullion extended its losing streak amid inflation concerns tied to the Middle East conflict, leaving the sector down 11.5% for the week.

Additionally, banking stocks ended 1.1% lower, with the four top lenders trading in the red.

Bucking the trend, energy stocks rose 0.7% to their highest level since February 2024, tracking gains in oil prices after Iran launched attacks on Middle Eastern energy infrastructure.

Meanwhile, European nations and Japan signaled support for securing shipping through the Strait of Hormuz, while the US outlined measures to boost oil supply.



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Australian Shares Post 3rd Weekly Drop
The S&P/ASX 200 fell 0.8% to close at 8,428 on Friday, marking a fresh four-month low and a 2.2% weekly decline, its third straight loss as weakness in banks and miners weighed on the market. The heavyweight mining sector slid 1.5%, as iron ore, aluminium, and copper prices tumbled. Shares of mining giants BHP Group and Rio Tinto fell 1.8% and 2.9%, respectively. Gold stocks also came under heavy pressure as bullion extended its losing streak amid inflation concerns tied to the Middle East conflict, leaving the sector down 11.5% for the week. Additionally, banking stocks ended 1.1% lower, with the four top lenders trading in the red. Bucking the trend, energy stocks rose 0.7% to their highest level since February 2024, tracking gains in oil prices after Iran launched attacks on Middle Eastern energy infrastructure. Meanwhile, European nations and Japan signaled support for securing shipping through the Strait of Hormuz, while the US outlined measures to boost oil supply.
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Australian Shares Set for 3rd Weekly Loss
The S&P/ASX 200 fell 0.3% to around 8,500 in early Friday deals, extending a steep 1.7% drop in the prior session to hit a fresh four-month low, as miners continued to weaken on softer resource prices. The benchmark is also on track for a third straight weekly loss as surging energy prices tied to the Middle East conflict fueled inflation concerns, increasing the risk of further policy tightening by the Reserve Bank of Australia. Still, markets are divided on whether another hike could come as soon as May, while an August move is fully priced in. The heavyweight mining sector slid nearly 3% to its lowest level since December 2025, with BHP Group and Rio Tinto down 2.5% and 3.7%, respectively. Gold miners also dropped 3.3% to a four-month low, with Newmont plunging 4.5%, while the energy sub-index edged 0.2% lower amid a fall in oil prices. On the upside, financials outperformed, with the “Big Four” banks trading in the green.
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