Ukraine jitters drag Aussie stocks lower

AUSTRALIA’S share market had its worst fall in a week on Friday amid global tensions over the crisis in Ukraine.

The ASX 200 fell 1.02 per cent, or 74.5 points, to 7221.7 points. The benchmark index ended the week slightly higher, up 0.6 per cent.

Russia’s foreign minister Sergei Lavrov has agreed to meet US secretary of state Antony Blinken in Europe next week, with the US accepting “provided there is no further Russian invasion of Ukraine”.

On Wall Street, the Dow

Jones Industrial Average closed down 1.8 per cent overnight on Thursday.

On the local market, Origin Energy was one of the worst performers. Its shares fell 8.3 per cent to $5.65 after analysts downgraded the stock a day after its decision to close the huge Eraring coal plant early.

JP Morgan downgraded Origin to underweight from neutral, saying it sees less value in the stock and concerns over improvements in its retail business in the next few years.

Mining heavyweight BHP fell 1c to $47.96, BHP dropped 69c to $119.25 and Fortescue retreated 65c to $19.85.