The Australian sharemarket fell on Friday, extending losses into a second straight week as investors pared back expectations of a near-term rate cut following the Reserve Bank of Australia’s decision to hold interest rates steady earlier in the week.
The benchmark S&P/ASX 200 Index dropped 58.6 points or 0.7%, to close at 8,769.7, its lowest level in six weeks despite six of 11 sectors ending higher.
On a weekly basis, the index was down 1.4%, extending losses of 1.5% in the previous week.
Technology stocks led the declines after Afterpay’s parent company, Block, plunged 15.8% as third-quarter revenue came at US$6.11 billion, missing consensus estimates of US$6.3 billion.
Other tech names also slumped, with Xero down 2.5%, WiseTech Global falling 2.7%, TechnologyOne down 1.9%, Life360 retreating 3.6%.
The financial sector weighed heavily as Macquarie Group tumbled 5.7% after reporting a $1.7 billion profit for the September half-year, falling short of market forecasts.
Other major banks were mixed - Commonwealth Bank dipped 1.5%, NAB gained 0.9%, Westpac slipped 1.8%, and ANZ edged 0.5% lower.
In the materials space, performance was mixed. Newmont gained 1.8% as gold prices neared the US$4000 per ounce mark, while Rio Tinto lost 1.3%, BHP slipped 0.8%, and Fortescue Metals dipped 1.5% as iron ore prices slipped.
Among individual movers, Alliance Aviation plunged 42.7% after resuming trade from a voluntary suspension. The Qantas-backed aviation services firm warned that its FY26 results would fall well below analyst expectations due to surging aircraft, engine, and maintenance costs.
Founding managing director Scott McMillan also announced his immediate resignation from the board.
News Corp rose 3% after posting September-quarter revenue of US$2.14 billion (A$3.31 billion), beating forecasts as strong performance at Dow Jones and its real estate services business offset weaker advertising in its Australian print division.
Qantas fell 6.6% after forecasting that first-half FY26 domestic unit revenue would rise about 3%, at the lower end of its guidance range.
On the bond markets, the 10-year rose 0.6% to 4.359% and the 2-year was up 0.7% to 3.589%.
