ASX ends lower on broad losses; Allkem surges on lithium demand

ASX ends slightly lower, but closes the week higher. Allkem up on lithium demand, Whitehaven to expand coal mine, Elders sells StockCo stake and Magellan falls.

Ongoing geopolitical tensions are dampening investor sentiment across the globe. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, April 1. The Australian share market closes amid broad losses led by communications services, discretionary and tech stocks. But it comes as the ASX 200 ends the week 1.2 per cent higher after strong gains earlier in the week. 

The S&P/ASX 200 index closed 0.1 per cent lower to 7493.8 with seven of the 11 sectors in the red.

In the US, the Dow Jones Industrial Average closed 1.6 per cent lower with the S&P 500 also ending down 1.6 per cent and the Nasdaq Composite losing 1.5 per cent. It follows losses on European and Asian markets.

Oil prices fell as US President Joe Biden prepares a substantial release of oil reserves to control high prices. 

International benchmark Brent crude fell 4.9 per cent to $US107.91 a barrel while US WTI was 7 per cent lower at $US100.28 a barrel.

Iron ore futures fell slightly to $US150.84 a tonne and safe-haven spot gold is trading around $US1936 an ounce at the US close.

The Aussie dollar was near US74.85c.