Australian stocks plunge at the close; S&P/ASX 200 down nearly 1%
Investing.com – Australian stocks ended the week in the red on Friday, with heavy selling pressure in the Healthcare, Utilities and Energy sectors pushing the main index lower.
The S&P/ASX 200 closed down 0.82% in Sydney, reflecting widespread negative sentiment among investors.
Stocks rally: Gold shines
While the majority of the market fell into correction mode, some gold mining stocks made a strong breakthrough. Leading the way was St Barbara Ltd (ASX:SBM), which rose 9.52% to close at AUD0.23. It was followed by Evolution Mining Ltd (ASX:EVN), which jumped 7.84% to AUD7.70 – marking an all-time high. Northern Star Resources Ltd (ASX:NST) also recorded a strong gain of 5.52%, closing at AUD 21.40, setting a new high.
Stocks fall sharply: Pressure from healthcare and technology
On the contrary, Mesoblast Ltd (ASX:MSB) - a biotechnology company - plunged 9.22% to AUD 1.58, becoming the biggest loser of the session. Tabcorp Holdings Ltd (ASX:TAH) and Nuix Ltd (ASX:NXL) fell 5.88% and 5.24% respectively, affected by weak business results and dim short-term prospects.
Market and commodity developments
The number of stocks falling outnumbered those rising: 583 stocks fell compared to 485 stocks rose and 405 stocks remained unchanged, showing that defensive sentiment prevailed in the market.
The S&P/ASX 200 VIX, a gauge of market volatility, rose 4.65% to 19.03, reflecting growing investor concern over global uncertainties.
In the commodity market, gold futures for June delivery rose sharply by 1.31% to $3,219.11 an ounce amid rising demand for safe havens. WTI crude for May delivery rose 1.23% to $60.81 a barrel, while Brent crude for June rose 1.17% to $64.07 a barrel, on expectations of a recovery in demand.
Currency developments
In the foreign exchange market, AUD/USD edged down 0.38% to 0.62, while AUD/JPY lost 0.82% to 89.18. The US Dollar Index futures also fell 0.34% to 100.26.
MSB – Opportunity or Risk?
With MSB’s sharp decline, many investors are asking: Is this a golden time to buy? Data from ProPicks AI – Investing.com’s portfolio analysis tool – can help investors uncover potential opportunities amid the current correction.