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Highlights
- Market Movement: S&P/ASX 200 index falls 0.2% to 8,507.8, dragged down by energy and gold stocks.
- Sector Impact: Energy stocks drop 1.4% on U.S. oil production boost, gold stocks fall 0.8% as bullion prices retreat.
- Mixed Global Trade Signals: Easing fears of U.S.-China trade war help limit broader market losses.
Australian shares edged lower on Friday, with the S&P/ASX 200 index dropping 0.2% to 8,507.8 as of 2336 GMT. This marked a tough end to the week, with the benchmark set to close down 0.3% after four consecutive weeks of gains.
The dip was driven largely by declines in energy and gold sectors. Energy stocks (XEJ) tumbled as much as 1.4% after U.S. President Donald Trump’s reiterated pledge to ramp up U.S. oil production pushed global oil prices down. Meanwhile, gold stocks (XGD) shed 0.8% as bullion prices eased off their recent record highs, despite the sub-index posting a 3.7% gain over the week—on track for its seventh consecutive weekly increase.
Major gold miners felt the pinch, with Northern Star Resources (ASX:NST) and Evolution Mining (ASX:EVN) losing 0.4% and 0.7%, respectively.
Financial stocks (XFJ) were also under pressure, falling 0.6% as Australia’s “Big Four” banks slid between 0.4% and 0.9%. Healthcare (XHJ) and consumer discretionary stocks (XDJ) dipped by as much as 0.9% and 0.4%, respectively.
Despite these declines, the market found some support as fears of an escalating global trade war faded. The week saw the U.S. implementing 10% tariffs, but China, Australia’s top trading partner, responded with a relatively restrained approach, helping ease investor concerns over a deeper trade conflict.
Bucking the broader downtrend, miners (XMM) rose 0.6%, extending their winning streak to a fourth session as iron ore prices rebounded. The mining sub-index surged 2.3% for the week, eyeing its second consecutive weekly gain. Heavyweights like BHP Group (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue (ASX:FMG) edged higher, gaining between 0.1% and 1.7%.
Overnight movements on Wall Street added to the mixed sentiment. The Dow Jones Industrial Average fell 0.28%, while the S&P 500 rose 0.36% and the Nasdaq gained 0.51%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index (.NZ50) remained flat at 12,837.48, wrapping up a challenging week with a 1.2% decline and poised for a third straight weekly loss.
