Investors flee to safety as investor confidence wanes
Australia's share market has slumped following a weak session on Wall Street. -AAP Image
Australia's share market is on track for a negative week as US-Iran tensions and and wobbles in the US tech narrative weighed on an already grim outlook for growth.
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The S&P/ASX200 fell 99.6 points on Thursday, down 1.13 per cent, to 8,686.1, as the broader All Ordinaries lost 100.3 points, or 1.11 per cent, to 8,916.9.
Investors retreated to safety, bolstering defensive sectors like health care, utilities and consumer staples, while energy stocks also advanced as ongoing US-Iran tensions kept oil prices supported after three sessions of gains, despite a potential ceasefire between Israel and Hezbollah.
Miners weighed heavily, with basic materials tumbling more than three per cent as iron ore futures, gold and copper prices lost ground.
The Australian dollar is buying 71.29 US cents, down from 71.59 US cents on Wednesday at 5pm.
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