The Australian share market ended lower on Friday, capping a fourth straight session of losses and closing the week down around 0.5%.
The S&P/ASX 200 Index eased 18.2 points or 0.2% to 8,505.5, with six of 11 sectors trading in positive territory despite the decline.
Consumer staples dragged the index down, with Woolworths and Coles shedding 1% and 2.2% respectively.
Financials were also under pressure - Commonwealth Bank dipped 0.2%, NAB lost 0.5%, Westpac fell 1.1% and ANZ declined 2.5%.
Consumer discretionary stocks slumped, with Tabcorp and Domino’s falling 2% apiece, while JB Hi-Fi lost 1.2% and Wesfarmers closed 1.6% lower.
Iron ore posted gains, however, major miners Rio Tinto, Fortescue and Champion Iron dipped 1.3%, 0.5%, and 2.6%. BHP ticked up 0.2%.
Utilities provided a bright spot, with Origin up 0.5%, Meridian Energy surging 3.4%.and Genesis Energy up 0.7%.
Liontown Resources also bucked the trend, rising by 0.7% despite Citi downgrading its lithium outlook, while Pilbara Minerals shed 5%.
Among individual companies, Bowen Coking Coal plunged 48.6% after flagging a possible temporary shutdown of its Burton Mine due to low coal prices and Queensland’s royalty regime.
Meanwhile, travel firm Web Travel Group fell 0.4% after announcing former Virgin Australia CEO Paul Scurrah and JB Hi-Fi director Melanie Wilson would join the board.
Webjet Group dipped 1.8% after director and chair of its remuneration and nomination committee Brad Holman also announced that he would retire on 30 June, with the company expecting to announce one or two new directors “in the near future”.
On the bond markets, 10-year yields slipped 0.2% to 4.226%, while 2-year yields rose 0.3% to 3.303%.
