AU Evening Wrap: ASX Drops 90 Points, Hits 10-week Low

The $S&P/ASX 200 (.XJO.AU)$ closed down 98.10 points, or 1.4 per cent, to 7065.2, its lowest level since July 10. The benchmark is now about 3 per cent down since the start of the week, after falling for four straight sessions.

All 11 sectors finished lower, with financials and energy sectors among the worst hit, down 1.7 per cent and 1.9 per cent, respectively. Oil and gas heavyweight $Woodside Energy Group Ltd (WDS.AU)$ dropped 2.6 per cent as the West Texas oil fell below $US89 a barrel.

$CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$ and $Westpac Banking Corp (WBC.AU)$ all tumbled more than 1.5 per cent, with Westpac the worst hit of the big four, dropping 2.5 per cent. The healthcare, real estate and materials sectors also fell more than 1 per cent.

In company news, $Transurban Group (TCL.AU)$ dropped 3.7 per cent after the ACCC blocked its bid for Melbourne's EastLink toll road.

The regulator also raised concerns about BSW operator $Endeavour Group Ltd (EDV.AU)$'s proposed buyout of Thirsty Camel operator Rye Hotels. The shares slid 1 per cent to $5.21.

Shares in $Qantas Airways Ltd (QAN.AU)$ dipped 0.4 per cent to $5.31 and hit its lowest in 11 months. Chairman Richard Goyder said during a TV interview he was not stepping away from his position at the embattled airline and that major shareholders were "supportive". Shares have plunged 10 per cent this month.

$Fonterra Shareholders Fund (FSF.AU)$ gained 4.5 per cent after the New Zealand dairy giant unveiled a full-year dividend of 50¢ a share, including interim dividend of 10¢ a share.

$BrainChip Holdings Ltd (BRN.AU)$ fell 11.1 per cent, adding to steep losses after the company dropped out of the S&P/ASX 200 on Monday.

Financial services provider $Thorn Group Ltd (TGA.AU)$ gained 2.7 per cent after Bermuda-based Somers put forward a revised $1.17 per share buyout offer, following the sale of Thorn's asset portfolio to fellow ASX-lister $Resimac Group Ltd (RMC.AU)$ for $16.7 million.