Australian shares hit four-month low as miners and banks drag

Australia?s S&P/ASX 200 dropped 0.8% to close at 8,428 on Friday, reaching its lowest level in four months and marking a 2.2% loss for the week. This was the index?s third straight weekly decline, mainly due to weakness in banking and mining stocks.

The mining sector fell 1.5% as prices of iron ore, aluminium, and copper declined. Major miners BHP Group and Rio Tinto also moved lower. Gold stocks were hit even harder, with the sector falling sharply over the week as gold prices continued to slide amid inflation concerns linked to the Middle East conflict.

Banking stocks also weakened, with the four largest lenders ending the day in negative territory.

On the other hand, energy stocks stood out, rising 0.7% to their highest level since February 2024, supported by stronger oil prices after Iran?s attacks on energy infrastructure in the Middle East. Meanwhile, Europe and Japan expressed support for securing shipping routes through the Strait of Hormuz, and the US announced steps to increase oil supply.

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