Australian shares fall as weaker metal prices weigh on miners

Business Recorder reported that Australian shares slipped on Friday as softer metal prices pulled mining stocks lower, offsetting gains in technology names. Investors also tracked the standoff between the United States and Iran over the Strait of Hormuz. The S&P/ASX 200 was down 0.7 per cent at 9,128.50 early in the session, on course for its steepest weekly fall in almost four months.

Miners dropped 2.8 per cent as metal prices fell, with BHP Group and Rio Tinto sliding 3.8 per cent and 2.4 per cent. Gold stocks also lost 2.8 per cent, while technology shares climbed 1.7 per cent after overnight Wall Street gains, with WiseTech Global and Xero each up more than 4 per cent.

Banks edged up 0.1 per cent in a week when three major lenders reported results, though the sub-index was still heading for a weekly loss that would be its largest in three months. Westpac reported a 20 per cent fall in mortgage applications, while ANZ said home loan applications had slumped 12 per cent. QBE Insurance fell 6 per cent after Citi analysts flagged higher-than-expected expense ratios and an underwriting profit shortfall.