AU Evening Wrap: ASX Ends Second Week in Red; Tech Sector Suffers

The $S&P/ASX 200(.XJO.AU)$ was 0.9 per cent down, or 66.9 points lower, at 7115.2. The All ordinaries tracked similar declines.

Weaker iron ore prices weighed on mining giants. $BHP Group Ltd(BHP.AU)$ declined 1.7 per cent, $Rio Tinto Ltd(RIO.AU)$ 0.8 per cent and $Fortescue Ltd(FMG.AU)$ fell 0.6 per cent.

Shares in mining company $Pilbara Minerals Ltd(PLS.AU)$ were the worst performing on the benchmark, slumping 8 per cent despite net profit up nearly fivefold to $3.4 billion.

Insurance group $Insurance Australia Group Ltd(IAG.AU)$ fell 3.2 per cent. Two of its subsidiaries are being sued by the Australian Securities and Investments Commission (ASIC) for having misled customers about the loyalty discounts available for certain types of home insurance.

Budget jewellery retailer $Lovisa Holdings Ltd(LOV.AU)$ bounced 6.2 per cent after Citi analysts upgraded the stock from sell to neutral and Morgan Stanley upgraded it to overweight from equal-weight.

$Telix Pharmaceuticals Ltd(TLX.AU)$ jumped another 3 per cent adding to a 3.6 per cent gained yesterday. In it's latest full-year report, released yesterday, the company narrowed its net losses by 80 per cent to $14.3 million.

$Wesfarmers Ltd(WES.AU)$ gained 3.2 per cent after its $2.6 billion profit beat expectations. The conglomerate also lifted its total dividends to $1.91, an increase of 6.1 per cent.

Shares in $Accent Group Ltd(AX1.AU)$ soared more than 17.1 per cent following a major boost in sales in the shoe retailer's latest full-year report.