Financials dragged Australian shares down on Friday after logging a record high in the previous session, while investors gauged the local central bank governor’s latest comments on the country’s inflation and interest rate cuts.
The S&P/ASX 200 index was down 0.4% at 8,411 by 2327 GMT.
The benchmark inched 0.3% higher so far this week, gaining for a second consecutive week.
Reserve Bank of Australia (RBA) governor Michele Bullock said on Thursday that policymakers need to be sure inflation is heading towards the 2%-3% target band before cutting rates.
The tariffs proposed by US President-elect Donald Trump are unlikely to significantly impact price pressures in Australia over the next six months, Bullock added.
Among sub-indexes, financials shed as much as 0.7%, with the “Big Four” banks losing between 0.4% and 0.7%.
The sub-index slipped 1.1% so far this week, after rising for three consecutive weeks.
Despite rising oil prices, energy stocks lost as much as 0.5% to their lowest since Nov. 18.
Sector major Woodside Energy slid as much as 0.7%. Miners were largely flat in early trade, but fell 0.6% so far this week.
Heavy-weights BHP Group, Rio Tinto and Fortescue logged marginal losses of 0.1% each.
Australian shares struggle for direction as gold stocks drag; NAB tumbles
Healthcare stocks retreated by 0.6%, snapping a five-day winning streak.
The sub-index is up 2.9% so far this week.
Gold stocks moved marginally even as bullion prices ticked higher.
The sub-index dropped 2.1% so far this week.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index advanced 0.2% to 13,083.52 points and was on track to end higher for the second consecutive week.
Comments