ASX falls ahead of G20 meeting
The Australian share market remains has dropped across the board ahead of a meeting between the US and Chinese leaders at the G20 summit in Japan.
The benchmark S&P/ASX200 index was down 47.5 points, or 0.71 per cent, to 6,618.8 points at 1615 AEST on Friday, while the broader All Ordinaries was down 43.8 points, or 0.65 per cent, at 6,699.2.
"A sluggish end to what has been a relatively quiet week," said CommSec market analyst Steven Dahglian.
The worst hit sector was tech stocks, down 1.8 per cent, with Afterpay Touch falling $3 in the final hour of trading to finish down $2.76, or 9.9 per cent, to $25.07.
There was no announcements to explain the sudden drop - the biggest among ASX200 shares on Friday - although several hours earlier Visa said it would enter the buy now, pay later space.
Energy shares and mining were the second and third-worst sectors, down 1.7 and 1.5 per cent, respectively, while financials were the least scathed, only down 0.06 per cent.
The big four banks were mostly down, with ANZ falling 0.6 per cent to $28.21, Commonwealth down 0.3 per cent to $82.78 and NAB down 0.1 per cent to $26.72
Westpac was the outlier, up 0.8 per cent to $28.36.
In the materials sector, mining titan BHP fell 1.9 per cent to $41.16, Rio Tinto was down 2.3 per cent to $103.76 and Fortescue Metals was down 1.7 per cent to $9.02.
But overall the ASX200 rose for the sixth straight month to finish the June quarter up 7.1 per cent.
It rounded out the financial year up seven per cent, having gained 19 per cent so far in 2019 following a 10 per cent dip from from September to December.
Telcos were the biggest gainer for the financial year, up 35 per cent, followed by tech stocks, up 20 per cent , and mining shares, up 15 per cent, Mr Daghlian said.
Although energy stocks have done well recently for the financial year they were the worst performing sector, down 9 per cent.
Nearmap was the best performing stock among the ASX200 for the financial year, up 230 per cent, while Eclipx was the worst, down 60 per cent.
Iron ore was up 70 per cent for 2018/19 and gold up 12 per cent, while oil prices fell 20 per cent, Mr Daghlian said.
The Aussie dollar rose above 70 US cents for the first time in three weeks, buying 70.12 US cents, from 69.94 US cents on Thursday.
Looking ahead, traders will be keeping an eagle eye on the G20 summit in Japan to see if Donald Trump and Chinese leader Xi Jinping can work out of a trade deal over the weekend.
Australia's market will be one of the first to react to whatever happens in Osaka.
OPEC leaders will also be meeting in Vienna, Australia, on Monday and Tuesday.
ON THE ASX:
* The benchmark S&P/ASX200 index was down 47.5 points, or 0.71 per cent, to 6,618.8 points at 1630 AEST on Friday.
* The All Ordinaries was down 43.8 points, or 0.65 per cent, to 6,699.2.
* At 1630 AEST, the SPI200 futures index was down 44 points, or 0.67 per cent, to 6,559.
CURRENCY SNAPSHOT AT 1630 AEST:
One Australian dollar buys:
* 70.14 US cents, from 69.94 US cents
* 75.53 Japanese yen, from 75.57 yen
* 61.66 euro cents, from 61.54 cents
* 55.35 British pence, from 55.11 pence
* 104.62 NZ cents, from 104.72 cents
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