Australian shares were set for a fourth straight weekly gain on Friday as the market edged higher ahead of a key US inflation report that could offer more clues on future Federal Reserve policy.
The S&P/ASX 200 index climbed 0.1% to 7,514.60 by 2350 GMT, with gains in mining stocks outweighing losses in financials.
The benchmark has risen 0.9% so far in the week.
Market participants across the globe were awaiting Friday’s reading on US core personal consumption expenditure index.
A November rise of 0.1% would slow the six-month annualised pace of inflation to just 2.1%, almost at the Fed’s 2% target.
In Sydney, mining stocks climbed 0.5% and were set for a third consecutive weekly gain on the back of strong iron ore futures amid tight inventories and expectations of robust Chinese demand.
Sector heavyweights BHP Group and Rio Tinto advanced 0.5% each on Friday. Energy stocks rose 0.7%, recovering from Thursday’s fall.
Top energy firm Woodside Energy gained 0.4%, while Santos skidded 0.1%.
Financial stocks slipped 0.2%, but were set for a fifth consecutive weekly gain. Shares of the “Big Four” lenders were down between 0.1% and 0.3% on Friday. Healthcare stocks were largely flat, but set for a fourth straight weekly rise.
Shares of CSL Ltd were down 0.4% on Friday.
Australian shares rise in broad-based buying, gold stocks lead gains
New Zealand’s benchmark S&P/NZX 50 index closed 0.1% higher at 11,634.43, logging its eighth straight weekly gain.
Shares of Synlait fell more than 4% and were set for their worst session since Dec. 12, after the dairy milk producer downgraded its profit forecast for the first half.
Synlait also said an arbitrator had been appointed for the arbitration process with its second-largest stakeholder A2 Milk Co and both the companies were working on an agreement following cancellation of their exclusivity arrangements.
Comments
Comments are closed for this article.