The Australian sharemarket traded lower on Friday, driven by rising geopolitical tensions between the US and Iran, but remained on track for its second consecutive weekly rise. As of 2.01pm AEDT, the S&P/ASX 200 Index was down 0.2 per cent, or 15.70 points, to 9070.50. However, the index was up 1.7 per cent for the week. Investors reacted to US President Donald Trump’s statement that negotiations on a nuclear deal with Iran would be limited to 10 to 15 days.
Technology stocks experienced the most significant downturn, with sector losses exceeding 16 per cent over the past month. WiseTech Global, a software company for the logistics industry, dived 4.5 per cent, bringing its year-to-date losses to nearly 30 per cent. Xero, a cloud-based accounting software company, fell 3.7 per cent. Megaport also experienced a loss, falling 5.1 per cent after reporting revenue of $134.9 million for the December half.
In other sectors, oil stocks showed mixed performance as crude prices rallied. Woodside Energy gained 0.5 per cent and Beach Energy rose 0.4 per cent, while Santos retreated 1.3 per cent. Alliance Aviation fell sharply by 13.9 per cent after announcing an unprofitable contract with a major airline needed renegotiation. Guzman y Gomez plunged 10.6 per cent after weaker-than-expected sales, though they affirmed they would meet store opening targets.
Conversely, QBE added 9.1 per cent following a strong full-year net profit. Austal jumped 5 per cent after securing a $4 billion contract to build vessels for the Australian Defence Force. Telix Pharmaceuticals rose 14.1 per cent despite posting a net loss, while Newmont lost 5.2 per cent as it anticipated a fall in output this year.
