Big falls across the financial and energy sectors pushed the share market to its lowest level in more than four months, amid mounting uncertainty of the outcome of next week’s US presidential election.
The benchmark S&P/ASX 200 index dropped 0.86 per cent on Friday, capping a fall of 1.95 per cent for the week, and taking it to its lowest closing level since June 29.
With Republican candidate Donald Trump and Democrat candidate Hillary Clinton seemingly neck and neck in their race to the White House, markets are falling, optionsXpress market analyst Ben Le Brun said.
“That uncertainty is likely to stay with us until we get the results the middle of next week,” he said.
The financial sector was the biggest loser on Friday, as all four major banks lost ground.
National Australia Bank dropped $1.65, or six per cent, to $25.88 as it traded ex-dividend, Mr Le Brun.
Commonwealth Bank shed 62 cents to $70.99, ANZ lost 41 cents to $26.94 and Westpac fell 16 cents to $29.71.
Energy companies, including Woodside Petroleum, Oil Search and Origin Energy lost between 0.4 and 1.9 per cent following a drop in oil prices overnight.
BHP Billiton fell 39 cents to $22.27 and Rio Tinto lost 33 cents to $53.31.
Flight Centre shares fell $2.65, or eight per cent, to $30.30 following its profit warning amid falling airfares.
KEY FACTS:
* The benchmark S&P/ASX 200 index was down 44.8 points, or 0.86 per cent, at 5,180.8 points.
* The broader All Ordinaries index fell 43.5 points, or 0.82 per cent, at 5,263.1 points.
* The December share price index futures contract dropped 39 points at 5,153 points, with 32,659 contracts traded.
* National turnover was 2.69 billion securities traded, worth $5.43 billion.
