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Stocks drop as rate cut jitters return

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Australian shares finished the week in negative territory after the benchmark lost further ground on Friday due to a sell off in tech and material stocks.

With the benchmark finishing in the red for three of the past four sessions, the sharemarket dipped 1.6 per cent this week.

Conflicting economic data and comments by central banking officials has altered rate cut expectations in recent days. Picture: AFP / Mandel Ngan Locally, interest rate sensitive tech stocks were the biggest laggards, skidding 1.4 per cent, as Wisetech and Xero both sank 1.7 per cent to $90.87 and $123.00, respectively.

Meanwhile, the energy sector was the best performer, unchanged through Friday’s session, as Brent crude futures traded at $US91 per barrel amid fears of a re-escalation of tensions in the Middle East. The bank’s commodity analysts have upped their short-term target for the oil benchmark to $US95 per barrel.In company news, shares in St Barbara vaulted 7.9 per cent to 21c after the gold miner reported production of 17,257 ounces of the precious metal in the March quarter, up 33 per cent on the December quarter.

 

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