SYDNEY: Australian shares took a beating on Friday, with miners being the top losing index, and ended February with their steepest decline in nearly 2-1/2 years as they wind up a mixed season of corporate earnings.
The benchmark S&P/ASX 200 index fell 1.2% to 8,172.4 at the close of trade. The index lost 4.2% for the month, logging its worst month since September 2022.
Investors navigated through a tumultuous month marked by the benchmark hitting a record high, the central bank cutting its rates, and a mixed bag of domestic corporate earnings.
“Market has been mixed as investors have been very reactive to the outlook for the second half provided during reporting season that has driven investor moves during February,” said Grady Wulff, market analyst with Bell Direct.
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