24.04.202601:37:35UTC+00Stocks in Australia on Track for Back-to-Back Weekly Losses

Australian shares fell 37 points, or 0.4%, to 8,756 in Friday morning trade, extending their losing streak to a fourth straight session and mirroring Wall Street’s Thursday decline as hopes for a swift resolution to the Middle East conflict faded. Geopolitical tensions intensified after Tehran vowed to keep the Strait of Hormuz closed as long as U.S. port blockades remain in place.

For the week, the local market is down about 2%, putting it on track for a second consecutive weekly loss. Inflation, already running above the Reserve Bank of Australia’s target before hostilities in Iran escalated, has strengthened expectations of further interest rate hikes at the May meeting, with March inflation data due next week under close scrutiny.

Losses were broad-based across sectors, led by commercial services, financials, and non-energy minerals. Fortescue dropped 2.9% even as it reaffirmed its FY 2026 total mining shipment guidance. Other notable decliners included Northern Star Resources (-2.3%), Qantas Airways (-1.9%), Sigma Healthcare (-1.1%), and BHP Group (-0.5%).