AU Evening Wrap: Tech Weakness Drags ASX to 0.2% Loss

The local technology sector dropped 2.7 per cent. $Xero Ltd(XRO.AU)$ tumbled 3.9 per cent to $122.20, $Technology One Ltd(TNE.AU)$ fell 2.9 per cent to $15.33 and $Life360 Inc(360.AU)$ declined 2.9 per cent to $7.62.

The $S&P/ASX 200(.XJO.AU)$ dropped 0.2 per cent, or 11.1 points, to 7313.9 on Friday, but the benchmark posted a modest advance of 0.1 per cent for the week.

Gold miners were among the biggest laggards as a stronger US dollar weighed on the price of the precious metal; $Bellevue Gold Ltd(BGL.AU)$ tumbled 3.6 per cent to $1.47 and $Perseus Mining Ltd(PRU.AU)$ fell 4.4 per cent to $1.72.

$Newcrest Mining Ltd(NCM.AU)$ declined 5.3 per cent to $26.19 after takeover bidder Newmont reported quarterly earnings that missed analyst estimates, causing its share price to drop 6 per cent in New York – its biggest daily decline in 12 months.

$Coronado Global Resources Inc(CRN.AU)$ climbed 2.8 per cent to $1.65 after maintaining its existing guidance for the 2023 financial year should drier conditions continue into the September and December quarters.