AU Evening Wrap: Miners Push ASX Lower to End Week 1.7% Down

The $S&P/ASX 200 (.XJO.AU)$ closed 14.3 points, or 0.2 per cent lower at 7156.7. The All Ordinaries also fell 0.2 per cent. The benchmark fell 1.7 per cent over the last five days of trading.

Iron ore miners weighed heavy on the index on Friday. $BHP Group Ltd (BHP.AU)$ fell 1.2 per cent, $Fortescue Ltd (FMG.AU)$ shed 2.4 per cent and $Rio Tinto Ltd (RIO.AU)$ dropped 1.7 per cent.

$Mineral Resources Ltd (MIN.AU)$ also weighed the materials sector lower on Friday, dropping 3.8 per cent as it entered ex-dividend trading. The sector fell 1.1 per cent and was the only of the 11 sectors to chart more than a 1 per cent move in either direction.

In company news, shares in $AMA Group Ltd (AMA.AU)$ tumbled 50 per cent after the listed smash repairer finished up a $55 million equity raising and resumed trading this morning. Shares in the offer were priced at 7.5¢, marking a 37.5 per cent discount to their previous trading levels.

$Platinum Asset Management Ltd (PTM.AU)$ dropped 4.4 per cent after brokers at Barrenjoey Capital Partners said the firm was in "severe organic decay" following more than $900 million was pulled from its funds last month.

$Orora Ltd (ORA.AU)$ shares continued to fall, down 3.2 per cent, extending existing losses since the can and bottle maker finished a $1.3 billion equity raise to fund the buyout of France's Saverglass.