AIRLINK 172.40 Decreased By ▼ -0.75 (-0.43%)
BOP 10.59 Decreased By ▼ -0.06 (-0.56%)
CNERGY 8.39 Decreased By ▼ -0.13 (-1.53%)
CPHL 103.71 Increased By ▲ 6.25 (6.41%)
FCCL 46.40 Decreased By ▼ -0.85 (-1.8%)
FFL 15.40 Decreased By ▼ -0.02 (-0.13%)
FLYNG 27.50 Decreased By ▼ -0.63 (-2.24%)
HUBC 137.70 Decreased By ▼ -1.21 (-0.87%)
HUMNL 12.85 Increased By ▲ 0.04 (0.31%)
KEL 4.48 Decreased By ▼ -0.06 (-1.32%)
KOSM 5.41 Decreased By ▼ -0.14 (-2.52%)
MLCF 61.64 Decreased By ▼ -0.62 (-1%)
OGDC 214.00 Decreased By ▼ -0.75 (-0.35%)
PACE 5.47 Decreased By ▼ -0.08 (-1.44%)
PAEL 46.55 Increased By ▲ 1.69 (3.77%)
PIAHCLA 18.85 Increased By ▲ 0.15 (0.8%)
PIBTL 10.63 Decreased By ▼ -0.11 (-1.02%)
POWER 12.51 Increased By ▲ 0.25 (2.04%)
PPL 171.75 Decreased By ▼ -2.12 (-1.22%)
PRL 36.21 Decreased By ▼ -0.01 (-0.03%)
PTC 23.47 Decreased By ▼ -0.09 (-0.38%)
SEARL 98.35 Increased By ▲ 3.04 (3.19%)
SSGC 40.18 Increased By ▲ 1.05 (2.68%)
SYM 13.99 Decreased By ▼ -0.03 (-0.21%)
TELE 7.22 Decreased By ▼ -0.01 (-0.14%)
TPLP 10.23 Decreased By ▼ -0.06 (-0.58%)
TRG 64.00 Decreased By ▼ -0.68 (-1.05%)
WAVESAPP 10.08 Increased By ▲ 0.04 (0.4%)
WTL 1.32 Decreased By ▼ -0.01 (-0.75%)
YOUW 3.67 Decreased By ▼ -0.03 (-0.81%)
BR100 12,425 Decreased By -66.4 (-0.53%)
BR30 37,569 Decreased By -125.2 (-0.33%)
KSE100 115,765 Decreased By -424.2 (-0.37%)
KSE30 35,535 Decreased By -215.3 (-0.6%)

SYDNEY: Banking stocks led the decline in Australian shares on Friday, while miner Rio Tinto fell on reports of failed merger negotiations with rival Glencore. The S&P/ASX 200 closed 0.2% lower at 8,310.4 points. The benchmark ended the week up 0.2%.

Shares of Rio Tinto fell 0.7%, logging their worst session in over a week, after reports of unsuccessful merger talks between the world’s No. 2 miner and Glencore, one of the world’s biggest miners of coal and base metals.

Financials led sectoral declines on Friday, dipping 1% to log their worst week in four. The ‘big four’ banks fell 1.2%-1.8%. Tim Waterer, chief market analyst at KCM Trade, said the fall was likely due to profit-booking in the sector following recent gains.

The index rose about 2.6% on Thursday, but ended the week 0.6% lower. Miners gained 0.5% as iron ore prices jumped after better-than-expected GDP data from top consumer China.

The index logged its best week since Nov. 18. China, which is one of Australia’s key trading partners, said its fourth-quarter GDP grew 5.4% year-on-year, beating market estimates. Gold stocks rose 0.3% on higher bullion prices. The index logged weekly gains of 5%, the most since late November.

Among individual stocks, Insignia Financial surged 6.5%, hitting its highest since October 2021, after it received a revised offer from US-based CC Capital Partners to acquire the money manager for A$3.07 billion ($1.91 billion).

Comments

Comments are closed.