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Australian shares continued to advance on Friday, bolstered by rising commodity prices, although banking stocks exerted some downward pressure. The S&P/ASX 200 index closed 0.3% higher, gaining 24.2 points to settle at 8099.9. This rise brought the weekly gain to 1.1%. Earlier in the day, the index reached 8,143.6, just 5 points shy of its record high set in August. The All Ordinaries index also saw an increase of 0.4%.
Of the 11 sectors on the ASX, four closed in positive territory, with the natural resources sector delivering the strongest performance.
Gold Miners Benefit from Surging Prices
The gold mining sector saw significant gains on Friday, driven by the expectation of lower interest rates in the United States. This optimism pushed gold prices to an all-time high of $US2570.28 per ounce. As a result, several gold mining stocks experienced notable upward momentum. West African Resources (ASX:WAF) and Perseus Mining (ASX:PRU) surged over 10%, closing at $1.525 and $2.59, respectively. Evolution Mining (ASX:EVN) also saw a strong rise, jumping nearly 7% to $4.32.
Iron Ore and Oil Stocks Lifted by China Stimulus Hopes and Supply Concerns
Iron ore prices climbed amid hopes for fresh economic stimulus from China, providing a boost to major mining stocks. BHP Group (ASX:BHP) advanced by 2% to $39.60, while Rio Tinto (ASX:RIO) gained 0.9%, closing at $111.42. Fortescue Metals Group (ASX:FMG) posted a significant 5% rise, ending the session at $17.50.
Energy producers also benefited from a rally in oil prices, spurred by supply disruptions in the Gulf of Mexico. Hurricane Francine prompted the evacuation of oil platforms, causing production delays. Brent crude prices increased by 0.6% to $US72.38 per barrel. Santos Limited (ASX:STO) edged up 0.7% to $6.98, while Woodside Energy (ASX:WDS) added 1.4% to close at $24.25, with its US production facility remaining offline due to the storm.
Financial Sector Retreats After Strong Week
Despite starting the session on a positive note, the financial sector lagged by the close of trade, as investors locked in profits after a strong week. Commonwealth Bank of Australia (ASX:CBA) and Macquarie Group (ASX:MQG) had reached new peaks earlier in the week, but the sector faced downward pressure on Friday. National Australia Bank (ASX:NAB) slipped 1.2% to $38.28, Commonwealth Bank fell 0.9% to $141.65, and Australia and New Zealand Banking Group (ASX:ANZ) declined 0.5% to $31.15.
Corporate News Highlights
In corporate developments, Atlas Arteria (ASX:ALX) saw its shares rise by 2%, closing at $5.01. The toll road operator launched a compensation claim against France, challenging a newly introduced “truck” tax, which has impacted its operations.
Meanwhile, Namoi Cotton (ASX:NAM) experienced a 4.4% jump, driven by Singapore-based Olam Agri’s improved takeover bid. The new offer was increased to 75¢ per share from the previous 70¢, securing the backing of Namoi Cotton shareholder Harvest Lane for the revised proposal.
Bottomline
Friday’s session highlighted the strength of the commodities sector, with gold miners and energy producers delivering strong performances. As commodity prices continue to rise, resource-heavy stocks on the ASX remain well-positioned to benefit. While financial stocks took a step back, the broader market extended its gains for the week, signaling continued resilience despite global uncertainties.
