SYDNEY: Australian shares ended slightly higher on Friday, led by gains in financials and commodity stocks even as concerns loomed over an intensifying global trade war.
The S&P/ASX 200 index closed up 0.2% at 7,982 points. The benchmark gained 0.6% for the week but is still set for its second consecutive monthly and quarterly drop.
Markets are on edge about US President Donald Trump’s pledge to announce sweeping new reciprocal tariffs on April 2. The 25% levies on auto imports would take effect a day later.
Australia’s national election will be held on May 3. The polls have shifted in recent weeks to be a little more favourable towards the ruling Labor party but analysts at Westpac still see an 80% chance of a hung parliament.
On the day, financials gained 0.5% with the “Big Four” banks advancing between 0.2% and 0.8%.
Energy stocks rose 0.8% on firm oil prices.
The broader metals and mining sub-index advanced 0.5%, buoyed by gains in gold miners after prices of the safe-haven yellow metal hit a record high. A separate sub-index of gold stocks surged 3.4% to its all-time high.
Northern Star Resources rose 3.6% and Ramelius Resources added 6.9%.
Meanwhile, real estate and healthcare stocks dropped 1.6% and 0.4%, respectively.
Technology stocks tracked Wall Street’s losses to end 2.2% lower.
The Reserve Bank of Australia (RBA) is widely expected to hold rates steady on Tuesday but economists polled by Reuters still expect two rate cuts this year, with the next likely in May.
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