Australian Market Sharply Lower

(RTTNews) - The Australian stock market is sharply lower on Friday, snapping the five session winning streak, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the broadly negative cues overnight from Wall Street, as traders booked profits after the recent gains, a drop in crude oil prices and the continued escalation of the Russia-Ukraine crisis. The weakness is seen across all sectors. The benchmark S&P/ASX 200 Index is losing 120.10 points or 1.68 percent to 7,031.30, after hitting a low of 7,025.20 earlier. The broader All Ordinaries Index is down 132.60 points or 1.78 percent to 7,314.20. Australian markets ended modestly higher on Thursday.