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S&P/ASX 200 snaps positive streak after financial, energy stocks fall

The energy sector was hit by a 3% fall in oil prices to three week lows.

ASX boards
Freelancer Group shares surged 21.4%

S&P/ASX 200 (INDEXASX:XJO) closed down 26 points or 0.4% to 6,359 – ending a four session positive streak which saw the market hit an 11 year high.

The market was held down by falls in the financial, energy, telco and Industrials sectors.

Energy stocks dip

The energy sector was hit by a 3% fall in oil prices to three week lows.

Investors booked profits on Friday after US President Donald Trump put pressure on OPEC nations to lower the oil price.

Woodside Petroleum (ASX:WPL) fell 0.9% to $35.90, while Santos (ASX:STO) lost 0.7% to $7.27.

Zip Co and Freelancer shares surge

Zip Co (ASX:Z1P) shares rose 16.5% to $2.89, after nearly doubling its quarterly earnings compared with the same period a year ago.

The buy-now-pay-later platform made an unaudited $23 million in revenue for the quarter ended March 31, 2019.

Freelancer Group (ASX:FLN) shares gained 21.4% to close at $0.85 after the company reported record first quarter cash receipts of $14 million, up 15.8% on the previous corresponding period.

In upcoming economic news, US personal income and spending data will be released along with the Dallas Federal Reserve manufacturing index.

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