ASX 200 falls to worst week since October 2020; Qantas slashes WA flights

ASX closes lower with just 12 stocks posting gains. Nuix dives 22.8 per cent on weak outlook, Qantas slashes flights to WA and Fortescue signs MoU for Sinosteel Oakajee stake. 

Mining companies may be active today after iron ore extended its advance above $US130 per tonne. Picture: Nikki Short / NCA NewsWire

Welcome to the Trading Day blog for Friday, January 21. ASX closed sharply lower to record its worst week since October 2020 with all sectors in the red. It comes as Rio Tinto considers legal action for a cancelled Serbian project and Nuix's share price dives as it warns of low earnings.

The S&P/ASX 200 closed lower by 166.6 points or 2.3 per cent to 7175.8 – its worst session in two weeks. The benchmark index lost 218.05 points this week in its worst trading week since October 30, 2020, where the market lost 239.46 points.

The Dow Jones Industrial Average closed down 0.9 per cent, while the S&P 500 lost 1.1 per cent. The tech-heavy Nasdaq finished 1.3 per cent lower, extending losses after the gauge entered a correction in the previous session. The US benchmark indices were all up more than 1 per cent earlier.

Iron ore rallied 2.6 per cent, or $US3.45, to $US133.65 per tonne, while the US Nymex crude price slid 0.8 per cent to $US86.29 a barrel.