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Highlights
- The S&P/ASX 200 index rises, driven by gains in the mining sector.
- Mineral Resources leads the market with significant gains.
- The Energy sector faces declines, with Endeavour Group experiencing a notable drop.
Australian shares experienced a modest increase on Friday, largely fueled by gains in the mining sector as commodity prices surged. At 11:30 AM, the S&P/ASX 200 index stood at 8,222, reflecting a 0.23% rise. This uptick followed a 1% rally on Thursday, reversing three consecutive days of losses.
Mining Sector Boosts Market Performance
The mining sector's strength is primarily attributed to rising iron ore prices, which have surpassed $US100 a tonne in Singapore due to recent stimulus measures in China. Major players BHP and Rio Tinto recorded gains in response to this price increase.
In contrast, shares of Star Entertainment (ASX:SGR) plummeted 50% to 21 cents on its first day of trading since late August. Additionally, major banks, including Westpac (ASX:WBC), faced declines amid the overall market movement.
Sector Performance Highlights
The best-performing sector for the day was Materials, which saw an impressive increase of 2.67%. Meanwhile, the Energy sector lagged, down 1.02%.
Among large-cap stocks, Mineral Resources (ASX:MIN) emerged as a standout performer, trading 11.29% higher at $48.00. Other notable gainers included Treasury Wine Estates (ASX:TWE) and Pilbara Minerals (ASX:PLS).
On the flip side, the worst-performing large-cap stock was Endeavour Group (ASX:EDV), which fell 3.42% to $4.945. It was followed by declines in Spark New Zealand (ASX:SPK) and GQG Partners (ASX:GQG).
Commodities and Currency Updates
In commodity markets, gold is currently trading at US$2,694.30 an ounce, while iron ore has increased by 1.8% to US$98.05 a tonne. Iron ore futures indicate a potential rise of 3.34%.
The Australian dollar is currently valued at 68.83 US cents, reflecting the broader economic conditions impacting the market.
The Australian market's modest gains highlight the ongoing volatility and opportunities in the commodities sector, while other industries navigate challenges.
