Australian shares stuck in narrow range as healthcare stocks drag

Australian shares traded in a narrow range on Friday, with gains in index heavyweight miners countering losses in healthcare stocks after US President Donald Trump announced a 100% tariff on branded drug imports.

The S&P/ASX 200 index fell 13.2 points to 8,759.80 by 0020 GMT.

The benchmark has declined 0.2% so far in the week, on track for a fourth straight week of losses.

Healthcare stocks fell 1.7% after Trump announced a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless firms are building manufacturing plants in the US Biopharmaceutical firm CSL, which has manufacturing presence in the US, plummeted to a six-year low, falling 1.2%.

Cancer diagnostics firm Telix Pharmaceuticals slipped 1.4%, making it one of the top losers on the benchmark index.

Technology stocks lost 1.1%, mirroring the tech-heavy Nasdaq Composite’s decline overnight.

Logistics software maker WiseTech Global and accounting software firm Xero fell 2.4% and 0.4%, respectively.

Miners, on the other end, advanced 0.8%, tracking gains in copper prices.

The sub-index has gained nearly 6.5% so far this week, heading for its biggest weekly rise in a year.

BHP and Rio Tinto surged 1.9% and 0.9%, respectively, on Friday.

Both stocks were on track for their strongest week since September 2024.

Energy stocks rose 0.2%, after oil prices held steady overnight.

Woodside Energy and Santos gained 0.3% and 0.7%, respectively.

Market focus next week will be on the Reserve Bank of Australia’s two-day policy meeting, with swaps implying a 6.9% possibility of a quarter-point cash rate cut on September 30 and a 40.9% chance of a reduction in November.

New Zealand’s S&P/NZX 50 index fell 0.2% to 13,121.25.

The benchmark has declined 1.2% so far this week, heading for its worst week in four months.