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ASX ends weak higher despite lithium rout
Australian shares rose on Friday to finish the week 0.9 per cent higher as gains among energy, healthcare and technology stocks offset falls for the miners.
On the day, the S&P/ASX 200 finished up 0.3 per cent or 26.6 points to 7796 points for its second session of gains in the week in which the Reserve Bank held interest rates after cautioning that it had not ruled out further interest rate increases.
The gains on the local bourse on Friday came after the S&P 500 peaked at 5505.53 during overnight trading on Thursday, before paring gains to end 0.3 per cent lower. It marked the first time in history the US benchmark had topped 5500 points.
Overnight on Thursday, the Bank of England and Norway’s central bank held interest rates steady after the Swiss National Bank unexpectedly cut its key rate by 25 basis points.
On the local benchmark, mining stocks were the worst hit over the five days of trading, ending more than 1 per cent lower, while utilities and banking stocks were the best performing of the ASX’s 11 sectors. The materials sector lost 0.1 per cent on Friday and has tumbled 9.5 per cent over the past month.
The worst-performing stock on Friday was iron ore and lithium giant Mineral Resources. It tumbled 7 per cent to $55.76 and is now down almost 30 per cent since late May on weaker iron ore and lithium prices. Other lithium stocks were also among the worst performing: Liontown Resources fell 5.1 per cent to 93.5¢ and IGO dropped 4.8 per cent to $5.58.
Shares in Helia Group – formerly known as Genworth – were the best performing on the local benchmark on Friday, rallying 5.2 per cent to $4.08. The gains came after the stock plummeted around 20 per cent earlier in the week after revealing a key contract with Commonwealth Bank was up for tender.
Early in trading, Commonwealth Bank reset a record high above $128 before paring some gains to close largely unchanged at $127.68.
Apparel and camping business Kathmandu warned of softening sales in 2024 as rising living costs hit consumers. Shares slipped 7.7 per cent to 36¢.
Finally, burrito merchant Guzman y Gomez closed 3.3 per cent lower at $29.00 after surging 36 per cent to $30 on its first day of trade on Thursday.
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