Tensions between Russia and Ukraine are hitting global markets, with the ASX following Wall Street down on Friday.
The ASX 200 closed down 1 per cent, to 7,222 points, after setting a new 20-day high.
The benchmark index had gained 0.2 per cent on Thursday, however some companies, including Wesfarmers, took a hit to their stock after posting results.
Wall Street took a big hit overnight, with the Nasdaq losing 2.9 per cent in one session. The Dow lost 1.8 per cent, while the S&P 500 shaved off more than 2 per cent.
Reporting season continues
The big four banks had a mixed bag on Friday, with Westpac gaining a little (+0.3pc), ANZ ending even, and the other two majors losing around 0.5 per cent each.
The broader sell-off came as reporting season continued.
QBE was one of the worst-performing stocks of the day after it posted its 2021 results.
The insurer lodged a $1.04 billion profit, compared to 2020, when it made a loss of $2.09 billion.
QBE said the turnaround was partly due to better conditions with its underwriters.
However, it also noted, that there had been "premium rate increases" averaging 9.7 per cent during the year. It has been pumping up premiums for several years, it added.
Industry analysts Barrenjoey described the results as "a headline miss" but roughly in line with expectations.
"QBE has significantly increased their catastrophe allowance for FY22E, lowered their dividend payout ratio and changed their gearing targets," they said.
The insurer's stock dived on opening, with a loss of 8.8 per cent by 10:40am AEDT.
It finished the day down 8.3 per cent.
Meanwhile, energy provider Origin was another poor-performing stock, a day after it announced it is closing Australia's biggest coal-fired power generator earlier than forecast.
Origin ended the day down 7.9 per cent.
Other company results out on Friday included chicken company Ingham's.
It posted a 1.8 per cent rise in revenue, which it said was largely due to inflation.
It said price rises were coming through in the costs of feed for poultry and also across its logistics chain.
Like many companies, Ingham's is also being impacted by COVID-19 staff shortages and mitigation.
"The company has experienced significant cost pressures through increases in overtime, transport and compliance costs," it said.
"[That's] resulting from the heightened health and safety procedures and operational adjustments that have been a necessary part of our COVID-19 response."
It said Omicron staff shortages had been so bad that its meat processing was limited, resulting in fewer sales.
Its share price ended 5.1 per cent down, in line with the broader sell-off.
On the flip side, Magellan Financial Group gained 18.8 per cent after posting its results.
The fund manager's shares crashed late last year after it lost its biggest client in the UK.
In its results, Magellan posted a 16 per cent rise in profits to $2.48 billion.
All things considered this week, the index finished where it started, but it is down 3 per cent on its latest year-to-date comparison with 2021.
Australian dollar below 72 US cents
At 7am AEDT, the Australian dollar was up 0.1 per cent, to 71.98 US cents.
"The AUD held onto recent gains, despite more negative news from Ukraine," ANZ said in a briefing note this morning.
"Risk appetite still remains highly sensitive to geopolitical news."
However, CBA said it did not believe the dollar would be back over 72 US cents any time soon.
"AUD crosses — except against EUR — remain weaker than levels seen before the renewed Ukraine tensions," the CBA said.
"We consider AUD/USD will struggle to sustainably break above 0.72 in the near term."
