• The ASX fell modestly on Friday, and was flattish for the week
  • Tech weighed heavily, down by almost 3pc
  • Energy stocks meanwhile finished mostly higher


Local shares slipped -0.2% on Friday as the ASX 200 finished flattish for the week.

Tech stocks were the main drag in today’s session as the the ASX 200 XIJ (Tech Index) fell by almost 3%, tracking Nasdaq’s 2% drop overnight.

The tech selloff was broad brushed, but Weebit Nano (ASX:WBT) and Xero (ASX:XRO) were hit the most, down by -4% each.

Energy and Staples sectors meanwhile overperformed everyone else.

In the Energy sector, Woodside Energy (ASX:WDS) gained 2% and coal miner Whitehaven Coal (ASX:WHC) lifted 1.5%.

Flight Centre (ASX:FLT) was the best large cap today, up by over 3% on no specific news.

The two worst large cap performers were Mineral Resources (ASX:MIN) and Cettire (ASX:CTT) – both losing 8%.

Meanwhile, analysts at CBA said they have reaffirmed their view that iron ore will fall to US$100/tonne by Q4 this year, citing easing in China’s steel demand.

Elsewhere, gold stocks mainly dropped today as a stronger US dollar weighed on the yellow metal price, which was trading at US$1,969.89 at 3pm AEST.

And despite being in the earnings season, earnings updates from large cap stocks were few and far between.

Looking ahead to tonight’s Wall Street session, companies to report their earnings include BNY Mellon and Republic First Bancorp.



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Coal producer Coronado Global (ASX:CRN) rose after providing a quarterly report.

Group sales volumes for the June quarter were 4 Mt, up 8.3% compared to the March quarter. Group Revenue was $1,493 million in the half, and June quarter group revenue was $728 million.



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Newcrest Mining (ASX:NCM) fell -5% following soft earnings reported by its takeover bidder Newmont Corporation.

Overnight, Newmont fell 6% after reporting that Q2 gold production dropped 17% from a year earlier as the company missed analysts’ estimates.