Australian shares struggled for momentum on Friday, as investors fretted that the US Federal Reserve continued hawkish stance could push the global economy into recession, while Whitehaven Coal jumped on strong profit growth and outlook.
The S&P/ASX 200 index was flat at 7,435.0, as of 2329 GMT, but on track for a third straight weekly gain.
Weekly jobless claims were lower than expected in the United States, pointing to a tight labour market and re-igniting concerns that the Fed would maintain its aggressive path of rate hikes.
Back home, unemployment unexpectedly dipped in December, indicating that the red-hot labour market might be cooling.
Energy stocks rose 1.2%, with oil and gas major Woodside Energy and Santos up 1.3% and 0.8%, respectively. Whitehaven Coal climbed 3.8% after the miner said it expected profit for the first half of fiscal 2023 to more than quadruple.
Miners added 0.3%. Global miners BHP and Rio Tinto were down 0.2% and 0.4% respectively, while lithium miner Liontown Resources was the top loser on the ASX with a decline of 6%.
Gold stocks soared nearly 2% on strong bullion prices.
Newcrest Mining, the country’s largest gold miner, added 2.7%.
Among individual stocks, ASX-listed shares of Fisher & Paykel Healthcare jumped 5.3% after the company issued upbeat revenue forecast for fiscal 2023, while Pilbara Minerals climbed 4.5%.
Australia shares reverse course to hit nine-month high led by miners
Both stocks were among the top gainers on the benchmark Australian index.
Super Retail Group edged higher, even as the country’s industrial relations watchdog filed proceedings against the company related to staff underpayment.
New Zealand’s benchmark S&P/NZX 50 index rose 0.9% to 11,986.78, hitting a nine-month high.
The benchmark was on track for a third straight week of gains.
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