Australian shares were set for a fifth consecutive weekly gain, even as the market struggled for direction on Friday as mining, energy and gold stocks offset losses in a slew of blue chips including AGL Energy over weak earnings.
The S&P/ASX 200 index flitted in and out of positive territory and was last up 0.04% at 7,115.5, as traders assessed comments from a string of US central bank officials that the Federal Reserve needed to keep raising borrowing costs to bring high inflation under control.
The benchmark index has risen 1.1% so far in the week. Elsewhere, Japan’s Nikkei was up 0.33% on Friday and S&P 500 E-minis futures were down 0.16%.
Among top losers in Australia, AGL Energy slipped 3.1% to hit its lowest in more than four months after the country’s top power producer said its annual profit more than halved, falling short of analysts’ estimates.
TPG Telecom dropped 10.4% after its half-year profit came in below consensus due to higher costs, while poultry producer Inghams Group fell 9.4% on reporting a lower profit. However, the energy sub-index jumped 3.6% to hit a two-week high, supported by higher crude oil prices.
Santos and Woodside Petroleum led gains in the sector, rising 3.8% each.
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Gold stocks gained more than 2%, helped by a 2.8% rise in heavyweight Newcrest Mining despite the company posting a profit drop and announcing a lower dividend.
Moves in Australian miners this week were seen largely independent of iron ore prices.
The sector firmed 1.7% on Friday despite tumbling iron ore prices, and was on track for a weekly gain of 4.1%.
New Zealand’s benchmark S&P/NZX 50 index fell more than 1%, pulled down by a near 10% slide in Fisher and Paykel Healthcare on weak outlook.
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