Australia's share market is on track to wipe nearly two weeks of gains in two sessions, as soft metals prices weigh on mining stocks.
The S&P/ASX200 fell 53.2 points by midday on Friday, to be down 53.2 per cent, to 8,632.9, as the broader All Ordinaries lost 53.4 points, or 0.6 per cent, to 8,863.5.
The top 200 is now down 1.1 per cent since Monday, after a sharp midweek turnaround in mining stocks and continued weakness in the banking sector.
"The materials sector, which has been the backbone of the ASX200 this year, was hit hard as metal prices retreated," IG market analyst Tony Sycamore said.
"Adding to the gloom, concerns mounted over accelerating iron ore exports from Guinea's giant Simandou project, a development expected to pressure Pilbara volumes."
