Gold miners lift Australian shares after early dip; Coles slump caps gains
- The S&P/ASX 200 index edged up 0.1% to 9,185.80 points
Australian shares reversed course on Friday, supported by gains in miners after gold prices held steady near a three-week high, offsetting losses in consumer-staples as supermarket chain Coles Group slid on a weaker-than-expected interim profit.
The S&P/ASX 200 index edged up 0.1% to 9,185.80 points as of 0027 GMT, after losing 0.2% in early trade.
The benchmark had closed Thursday 0.5% higher.
Miners climbed 0.9% to a record high, buoyed by a 3.4% jump in gold stocks as spot gold held around $5,168.72 per ounce, near its three-week high of $5,198.72.
The mining sub-index is set for an eighth consecutive month of gains, while gold miners are set to notch a fourth straight month of advances.
Gold miners Evolution Mining and Northern Star Resources added 2.1% each.
Technology stocks rose 0.6%, lifted by a third consecutive session of gains in WiseTech Global.
The logistics software maker has rallied since unveiling plans earlier this week to axe one-third of its global workforce over two years as part of an AI-driven restructuring, alongside reporting first-half profit that topped estimates.
In contrast, Australia’s second-largest grocer, Coles Group , slipped as much as 8.7%, its sharpest intraday percentage fall since late March, 2020, dragging the consumer staples sub-index down by 3.1%.
The sell-off came after the retailer posted an 11% drop in interim profit to A$511 million ($363.1 million), missing market expectations.
The group also flagged a slow start to the second half of fiscal 2026, citing intensifying competition from larger rival Woolworths.
Financials fell 0.3%, capping gains on the benchmark, with Commonwealth Bank of Australia’s 1.4% drop weighing on the sub-index.
Among other movers, Virgin Australia, the country’s second-largest airline, rose as much as 2.5% after the carrier reported first-half underlying profit ahead of estimates.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index was little changed at 13,676.91 points.
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