Australian shares fell minutes after the open, tracking losses in New York as the technology rally petered out and investors refocused on the outlook for interest rates.
The S&P/ASX 200 dropped 0.7 per cent, or 58 points, at the opening bell on Friday, extending this week's losses. The index hit a three-week low on Thursday after a surprisingly strong jobs report dented hopes of an early interest rate cut by the Reserve Bank.
All the 11 sectors retreated, led by miners. Rio Tinto, BHP Group and Fortescue each shed more than 1 per cent. The big banks also came under pressure with National Australia Bank 0.6 per cent lower.
Stocks in focus
Shares in financial services giant Insignia Financial were up 4.41 per cent at the open, hitting $3.54, after it received a non-binding takeover from Bain Capital at $4 per share.
Iress leapt 7 per cent at the open after the software company reaffirmed its earnings guidance of $126 million to $132 million for fiscal year 2024.
Rio Tinto fell 2.42 per cent after the materials giant shrugged off concerns over the dismal lithium price and committed US$2.5 billion to expand its Rincon project in South America.
News that Resolute Mining chief executive Terry Holohan is taking a leave of absence until January 31, 2025 saw the mining giant's shares fall 3.45 per cent. Resolute also announced a final settlement payment to the government of Mali.
Genesis-owned Beam Dental Bidco has clinched control of dental chain Pacific Smiles after winning 77 per cent of shareholder votes. Beam had offered $1.95 per share.
Shares in mining giant South32 opened 1.74 per cent higher after it received approval from the West Australian government to extend the life of its Worsley Alumina project.
Iluka Resources chairman Rob Cole is stepping down from the role owing to health issues. Shares dropped 1.36 per cent at the open.
Eyes are on the $2 billion listing of DigiCo at midday. The data centre landlord will snare the title for the largest IPO in Australia this year.
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