The Australian share market saw a major sell-off to end the week on Friday, posting the biggest intraday declines since August 2024 and returning the benchmark index to correction territory for the second time this year.
The S&P/ASX 200 fell 191.9 points, or 2.4%, to close at 7,667.8 on Friday, closing at the lowest level in eight months.
Losses were broad-based, with 10 of the 11 major sectors finishing lower. Consumer staples was the only sector to post gains during the session.
The energy sector bore the brunt of the selloff, slumping 8% after oil prices fell in response to a surprise production boost announced by OPEC.
Santos, Woodside Energy, and Beach Energy each dropped between 9.1% and 10.8%.
Technology stocks also came under pressure, with the sector falling 6.4% amid a broader risk-off sentiment.
Block lost 4.6%, Appen shed 9%, BrainChip lost 7.3%, and Xero dipped 3.2%.
Utilities followed suit with a 4.4% drop, as Origin Energy, AGL Energy, and Genesis Energy declined 8.9%, 1.4%, and 3.1%, respectively.
Among individual stocks, Amotiv shed 16.7% despite issuing a trading update which noted that the company is "not expecting the U.S. tariffs announced yesterday to have a material impact on the Group in FY25".
On the bond market, the yield on the Australian 10-year government bond dropped 0.7% to 4.183%, while the 2-year yield declined 2% to 3.415%.
