AU Evening Wrap: BHP, Rio Drive ASX 0.4% Lower, BoQ Biggest Laggard

The $S&P/ASX 200 (.XJO.AU)$ fell 0.4 per cent on Friday to end the week also 0.4 per cent down after three weeks of gains. Miners and banks led losses.

That sent $Rio Tinto Ltd (RIO.AU)$ 2.8 per cent lower to $117. $Fortescue Ltd (FMG.AU)$ tumbled 4.2 per cent to $21.49. $Champion Iron Ltd (CIA.AU)$ eased 2.7 per cent.

Meanwhile, $BHP Group Ltd (BHP.AU)$ was knocked lower on news it cut production targets for its Australian nickel and Chilean copper mines. It also flagged that its iron ore and coking coal divisions were heading towards the lower end of target ranges. Shares in the mining giant fell 2.3 per cent to $45.04.

Shares in $Whitehaven Coal Ltd (WHC.AU)$ were the star performer. They staged a vicious reversal to end the session 5.9 per cent higher at $7.38 after a business quarterly update. They first slumped as investors reacted to a reduction in the production of coal and at a lower price in the first quarter, compared with the three months to December. But then the share price rebounded on news its Vickery project will be producing coal within 15 months.

$Woodside Energy Group Ltd (WDS.AU)$ stock ended flat at $33.69 in a volatile session. The oil and gas producer kept guidance for output for the full year, but also posted lower sales in the March quarter, compared to the prior three months as production fell.