The ASX200 closed down more than 2% at 7,943 points.
Despite hitting a fresh all-time record yesterday, the bourse retreated down below the 8,000 level.
The ASX200 dipped along with Asian markets as stocks were hammered. The magnitude of decline was significant.
All sectors were flashing red and Discretionary led the index lower down 3%, followed closely by Real Estate 2.9% and Information Technology 2.8%.
All eyes are on RBA interest rate decision on Tuesday next week, with a consensus of analysts split on the likely outcome.
Despite today’s carnage, the ASX200 closed up about one fifth of a percent this week.
In the Green
Block ASX: SQ2 closed up 5.1% after beating Q2 earnings expectations, upgrading its full-year guidance, and ramping up its share buyback program.
Earnings per share was up to $1.41 versus a $1.16 consensus and earnings almost doubled to more than $1.1 billion.
Block finished the week at $100.10.
Westgold Resources (ASX: WGX) closed up 6.04% after completing its merger with Canadian gold producer Karora. The merger creates a larger, more diversified mid-tier gold miner and will be dual listed on the ASX and Toronto Stock Exchange.
Westgold Resources closed at $2.81.
AFT Pharmaceuticals (ASX:AFP) bucked today’s trend and closed up 3.93%, finishing the week on a high, on the back of its full year results.
The New Zealand company’s revenue jumped 25% to $195 million, and profit rose 23% to $24 million. The company’s products are now sold in more than 70 countries, including its biggest markets – the United States and China.
AFP Pharmaceuticals closed at $2.91.
In the Red
Commonwealth Bank (ASX:CBA) has closed down 2.8%, pulling back from record highs during the week. The has acquired a 5% stake in Australian Clinical Labs (ASX:ACL), marking a significant move into the Australian healthcare sector.
CBA finished the week at $132.46.
Resmed (ASX:RMD) closed down 1.82% after announcing its Q4 results.
The company continues to expand demand for its sleep apnoea devices, defying predictions growth in weight-loss drugs will undercut its market.
Revenue for the financial year grew 11 per cent on the previous 12 months to US$4.7 billion.
Resmed finished the week at $31.80.
Uranium play Deep Yellow (ASX:DYL) closed down19.2%, along with an array of uranium companies including Boss Energy and Paladin.
The world’s largest uranium producer, Kazatomprom in Kazakhstan, revealed output jumped 6% in the first half of this year. This was despite earlier fears the company’s supply to world markets would be sabotaged.
The sector wide sell off is a response to an easing of supply side concerns.
Deep Yellow closed at $1.05.