The sharemarket ended lower on Friday, marking the second week of net declines for the benchmark as investors nervously await US Federal Reserve chairman Jerome Powell’s address at a central banks’ annual meeting later tonight.

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

Tech stocks were the worst hit, parring back after a broad sector rally yesterday. Just two of the 11 sectors, consumer discretionary and consumer staples, ended the day in the green, up less than 1 per cent each.

Weaker iron ore prices weighed on mining giants. BHP Group declined 1.7 per cent, Rio Tinto 0.8 per cent and Fortescue Metals fell 0.6 per cent.

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

Insurance group IAG 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 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 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 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 soared more than 17.1 per cent following a major boost in sales in the shoe retailer’s latest full-year report.