(AUSTRALIA) – ASX – The Australian share market experienced its fourth consecutive day of decline on Friday, influenced by a weak lead from Wall Street and declines in the materials sector.
The S&P/ASX 200 closed 0.2 percent lower at 7,156.7 points, with the All Ordinaries also down by 0.2 percent. Over the past five trading days, the benchmark index fell by 1.7 percent.
Iron ore mining companies had a notable impact on the index’s decline. BHP saw a 1.2 percent drop, Fortescue Metals fell by 2.4 percent, and Rio Tinto experienced a 1.7 percent decrease.
In addition, Mineral Resources contributed to the materials sector’s decline by dropping 3.8 percent as it entered ex-dividend trading.
ASX mining sector shows significant movement
This sector was the only one among the 11 sectors to register a move of more than 1 percent in either direction.
In company news, AMA Group’s shares plummeted by 50 percent after completing a $55 million equity raising and resuming trading.
The offer’s shares were priced at 7.5 cents, representing a 37.5 percent discount compared to their previous trading levels.
Platinum Asset Management saw a 4.4 percent drop in its shares following comments from Barrenjoey Capital Partners, which described the firm as experiencing “severe organic decay” after more than $900 million was withdrawn from its funds the previous month.
Orora shares continued their decline, falling by 3.2 percent, as the can and bottle maker completed a $1.3 billion equity raise to fund the acquisition of France’s Saverglass.
